BTIG Research Reaffirms Buy Rating for Tidewater (NYSE:TDW)

Tidewater (NYSE:TDW)‘s stock had its “buy” rating restated by research analysts at BTIG Research in a report released on Friday, Benzinga reports. They currently have a $120.00 price target on the oil and gas company’s stock. BTIG Research’s price objective indicates a potential upside of 41.70% from the company’s current price.

Several other research firms have also issued reports on TDW. Barclays upped their price target on shares of Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a report on Thursday, June 11th. Finally, Weiss Ratings raised shares of Tidewater from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.25.

Tidewater Stock Performance

NYSE TDW opened at $84.68 on Friday. Tidewater has a 52-week low of $46.65 and a 52-week high of $101.57. The company has a 50-day simple moving average of $88.50 and a 200 day simple moving average of $81.52. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. The company has a market capitalization of $4.21 billion, a PE ratio of 17.14 and a beta of 0.60.

Tidewater (NYSE:TDW) last posted its quarterly 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). Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The company had revenue of $342.29 million during the quarter, compared to the consensus estimate of $329.97 million. During the same period in the previous year, the business earned $1.46 earnings per share. Tidewater’s revenue was up .3% on a year-over-year basis. On average, research analysts predict that Tidewater will post 3.08 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Daniel Hudson sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the sale, the executive vice president owned 33,029 shares of the company’s stock, valued at $3,272,513.32. This trade represents a 31.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samuel Rubio sold 17,705 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the completion of the transaction, the executive vice president directly owned 33,214 shares in the company, valued at approximately $3,041,073.84. The trade was a 34.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 42,705 shares of company stock valued at $4,097,270. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TDW. BlackRock Inc. purchased a new position in shares of Tidewater in the second quarter valued at $503,200,000. Robotti Robert purchased a new position in Tidewater during the second quarter worth $193,652,000. Bank of America Corp DE purchased a new position in Tidewater during the second quarter worth $28,293,000. Old West Investment Management LLC purchased a new position in Tidewater during the second quarter worth $26,238,000. Finally, Bank of New York Mellon Corp purchased a new position in Tidewater during the second quarter worth $24,842,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Company Profile

Tidewater Inc is a global provider of offshore marine support services to the energy industry. The company operates a fleet of offshore support vessels that transport personnel, equipment and supplies to offshore facilities and assist with marine logistics, construction, maintenance and other activities.

Its vessel portfolio includes platform supply vessels, anchor-handling tug supply vessels, fast support vessels and other specialized ships designed for offshore operations. Tidewater serves customers involved in offshore oil and gas development, as well as selected activities associated with offshore wind and other marine energy projects.

Founded in 1955, Tidewater is headquartered in Houston, Texas, and serves offshore markets across regions including the Americas, Europe, the Middle East, Africa and Asia-Pacific.