Tidewater (NYSE:TDW) Shares Down 5% After Insider Selling

Shares of Tidewater Inc. (NYSE:TDW) traded down 5% on Thursday after an insider sold shares in the company. The company traded as low as $97.19 and last traded at $95.6020. Approximately 239,145 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 770,307 shares. The stock had previously closed at $100.61.

Specifically, EVP Daniel Hudson sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the transaction, the executive vice president owned 33,029 shares in the company, valued at approximately $3,272,513.32. This trade represents a 31.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Traub sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.00, for a total transaction of $990,000.00. Following the completion of the transaction, the director directly owned 63,521 shares of the company’s stock, valued at $6,288,579. This trade represents a 13.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TDW. BTIG Research upgraded shares of Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a report on Tuesday. Zacks Research downgraded Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Barclays lifted their price target on Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings lowered shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tidewater currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.25.

Tidewater Stock Down 0.3%

The firm has a 50-day moving average of $81.93 and a two-hundred day moving average of $79.83. The company has a quick ratio of 3.47, a current ratio of 3.58 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $4.69 billion, a PE ratio of 19.09 and a beta of 0.56.

Tidewater (NYSE:TDW) last posted its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). The company had revenue of $342.29 million during the quarter, compared to analyst estimates of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.46 EPS. Equities research analysts predict that Tidewater Inc. will post 3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tidewater

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Inspire Investing LLC boosted its stake in shares of Tidewater by 1.2% in the first quarter. Inspire Investing LLC now owns 11,332 shares of the oil and gas company’s stock valued at $947,000 after purchasing an additional 131 shares during the period. Baron Wealth Management LLC increased its position in shares of Tidewater by 4.5% during the second quarter. Baron Wealth Management LLC now owns 3,286 shares of the oil and gas company’s stock worth $219,000 after acquiring an additional 141 shares during the period. Lido Advisors LLC boosted its holdings in Tidewater by 2.8% in the fourth quarter. Lido Advisors LLC now owns 5,509 shares of the oil and gas company’s stock valued at $290,000 after purchasing an additional 149 shares during the period. Clearstead Advisors LLC grew its stake in Tidewater by 22.2% during the 4th quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 158 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Tidewater by 5.8% in the 2nd quarter. GAMMA Investing LLC now owns 3,015 shares of the oil and gas company’s stock valued at $201,000 after buying an additional 164 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

About Tidewater

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.