Tidewater (NYSE:TDW) Announces Quarterly Earnings Results

Tidewater (NYSE:TDW) announced its earnings results on Thursday. The oil and gas company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.49 by $0.40, Briefing.com reports. The firm had revenue of $321.20 million for the quarter, compared to the consensus estimate of $312.05 million. Tidewater had a return on equity of 13.37% and a net margin of 9.62%. The business’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 EPS.

Tidewater Stock Up 13.4 %

Tidewater stock traded up $12.62 during midday trading on Friday, reaching $106.51. The stock had a trading volume of 2,548,596 shares, compared to its average volume of 771,498. Tidewater has a 12 month low of $39.53 and a 12 month high of $107.45. The company has a market capitalization of $5.57 billion, a P/E ratio of 58.02 and a beta of 1.21. The company has a fifty day moving average price of $88.77 and a two-hundred day moving average price of $73.92. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Johnson Rice assumed coverage on Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. BTIG Research lifted their price objective on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Evercore ISI lifted their price objective on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Finally, Pickering Energy Partners started coverage on Tidewater in a research report on Tuesday, January 30th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $93.00.

Tidewater announced that its Board of Directors has approved a share repurchase plan on Thursday, February 29th that permits the company to repurchase $48.60 million in shares. This repurchase authorization permits the oil and gas company to repurchase up to 1.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Tidewater

In related news, EVP Daniel A. Hudson sold 8,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $82.00, for a total value of $656,000.00. Following the completion of the sale, the executive vice president now directly owns 104,312 shares of the company’s stock, valued at approximately $8,553,584. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Tidewater news, COO David E. Darling sold 17,821 shares of Tidewater stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $82.08, for a total transaction of $1,462,747.68. Following the completion of the transaction, the chief operating officer now owns 85,959 shares in the company, valued at approximately $7,055,514.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel A. Hudson sold 8,000 shares of Tidewater stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the transaction, the executive vice president now owns 104,312 shares of the company’s stock, valued at approximately $8,553,584. The disclosure for this sale can be found here. Insiders sold 45,462 shares of company stock valued at $3,716,739 in the last three months. Corporate insiders own 9.59% of the company’s stock.

Tidewater Company Profile

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.