Tidewater (NYSE:TDW) Earns “Buy” Rating from BTIG Research

Tidewater (NYSE:TDW)‘s stock had its “buy” rating restated by stock analysts at BTIG Research in a research note issued to investors on Friday, Benzinga reports. They presently have a $120.00 target price on the oil and gas company’s stock. BTIG Research’s price target points to a potential upside of 40.49% from the stock’s current price.

TDW has been the topic of a number of other research reports. Barclays upped 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. Weiss Ratings upgraded shares of Tidewater from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 11th. Finally, Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Tidewater has an average rating of “Moderate Buy” and a consensus target price of $98.25.

Tidewater Stock Performance

TDW stock traded up $0.72 during midday trading on Friday, hitting $85.42. The company’s stock had a trading volume of 41,267 shares, compared to its average volume of 745,052. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of 17.30 and a beta of 0.60. 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 stock’s 50-day moving average price is $88.50 and its 200 day moving average price is $81.52. Tidewater has a 1 year low of $46.65 and a 1 year high of $101.57.

Tidewater (NYSE:TDW) last announced its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03). The business had revenue of $342.29 million for the quarter, compared to analysts’ expectations of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.46 earnings per share. On average, equities analysts forecast that Tidewater will post 3.08 EPS for the current year.

Insider Activity

In related news, EVP Daniel A. Hudson sold 15,000 shares of the company’s stock in a transaction that occurred on 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 approximately $3,272,513.32. This represents a 31.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samuel R. Rubio sold 17,705 shares of the 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 sale, the executive vice president owned 33,214 shares in the company, valued at $3,041,073.84. This represents a 34.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,705 shares of company stock worth $4,097,270 over the last ninety days. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Tidewater

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Tidewater during the 2nd quarter valued at about $503,200,000. Robotti Robert purchased a new stake in Tidewater in the second quarter valued at approximately $193,652,000. Dimensional Fund Advisors LP lifted its position in Tidewater by 4.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,838,769 shares of the oil and gas company’s stock valued at $153,623,000 after purchasing an additional 86,084 shares during the last quarter. Wellington Management Group LLP lifted its position in Tidewater by 11.1% during the second quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company’s stock valued at $98,333,000 after purchasing an additional 147,189 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Tidewater in the 2nd quarter worth approximately $28,293,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

About Tidewater

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.