Tidewater’s (TDW) Buy Rating Reiterated at BTIG Research

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

Several other equities analysts have also weighed in on TDW. Pickering Energy Partners raised Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Weiss Ratings raised Tidewater from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, September 11th. Finally, Barclays increased 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.25.

Tidewater Trading Up 1.5%

Shares of NYSE TDW opened at $84.68 on Friday. Tidewater has a fifty-two week low of $46.65 and a fifty-two week high of $101.57. The firm has a market capitalization of $4.21 billion, a P/E ratio of 17.14 and a beta of 0.60. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47. The company’s 50 day simple moving average is $88.50 and its 200 day simple moving average is $81.52.

Tidewater (NYSE:TDW) last released 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 business had revenue of $342.29 million for the quarter, compared to analyst estimates of $329.97 million. Tidewater had a return on equity of 5.36% and a net margin of 18.34%.Tidewater’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.46 EPS. On average, analysts predict that Tidewater will post 3.08 EPS for the current year.

Insider Activity

In related news, EVP Samuel Rubio sold 17,705 shares of the business’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 value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Daniel Hudson sold 15,000 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 33,029 shares in the company, valued at $3,272,513.32. This trade represents a 31.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 42,705 shares of company stock worth $4,097,270 in the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Tidewater

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Tidewater during the 2nd quarter worth approximately $503,200,000. Robotti Robert bought a new stake in shares of Tidewater in the second quarter worth $193,652,000. Bank of America Corp DE acquired a new position in Tidewater during the second quarter worth $28,293,000. Old West Investment Management LLC acquired a new stake in Tidewater in the 2nd quarter valued at $26,238,000. Finally, Bank of New York Mellon Corp bought a new stake in Tidewater during the 2nd quarter worth about $24,842,000. Institutional investors own 95.13% of the company’s stock.

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.