Tidewater (NYSE:TDW) Stock Rating Reaffirmed as Buy by BTIG Research

Tidewater (NYSE:TDW)‘s stock had its “buy” rating reissued by stock analysts at BTIG Research in a research note issued to investors on Friday, Benzinga reports. They currently have a $120.00 price target on the oil and gas company’s stock. BTIG Research’s target price would indicate a potential upside of 40.39% from the stock’s current price.

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

Tidewater Stock Performance

Shares of NYSE TDW traded up $0.78 during mid-day trading on Friday, hitting $85.48. The company had a trading volume of 9,343 shares, compared to its average volume of 744,878. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of 17.21 and a beta of 0.60. Tidewater has a 1 year low of $46.65 and a 1 year high of $101.57. The stock’s 50-day moving average price is $88.50 and its 200-day moving average price is $81.52. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47.

Tidewater (NYSE:TDW) last posted its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share 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 firm had revenue of $342.29 million for the quarter, compared to analysts’ expectations of $329.97 million. During the same quarter last year, the company posted $1.46 EPS. The firm’s revenue was up .3% on a year-over-year basis. On average, sell-side analysts forecast that Tidewater will post 3.08 earnings per share for the current year.

Insider Buying and Selling

In other news, 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 value of $990,000.00. Following the completion of the sale, the director directly owned 63,521 shares in the company, valued at approximately $6,288,579. The trade was a 13.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Samuel R. Rubio sold 17,705 shares of the business’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total value of $1,621,069.80. Following the sale, the executive vice president directly owned 33,214 shares in the company, valued at $3,041,073.84. This trade represents a 34.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 42,705 shares of company stock worth $4,097,270. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Tidewater

A number of institutional investors have recently modified their holdings of TDW. BlackRock Inc. bought a new stake in shares of Tidewater in the second quarter valued at approximately $503,200,000. Robotti Robert purchased a new position in Tidewater in the 2nd quarter valued at approximately $193,652,000. Bank of America Corp DE bought a new stake in shares of Tidewater during the 2nd quarter worth $28,293,000. Old West Investment Management LLC purchased a new position in shares of Tidewater in the second quarter valued at about $26,238,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tidewater during the second quarter valued at about $24,842,000. 95.13% of the stock is currently owned by institutional investors.

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.