Tidewater (NYSE:TDW) Releases Earnings Results, Beats Expectations By $0.40 EPS

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

Tidewater Stock Performance

Shares of Tidewater stock traded up $12.62 during trading hours on Friday, hitting $106.51. 2,548,596 shares of the company were exchanged, compared to its average volume of 771,498. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average of $88.77 and a 200-day moving average of $73.92. Tidewater has a 1 year low of $39.53 and a 1 year high of $107.45. The stock has a market capitalization of $5.57 billion, a price-to-earnings ratio of 58.02 and a beta of 1.21.

Analyst Upgrades and Downgrades

TDW has been the subject of several recent analyst reports. BTIG Research lifted their price objective on shares of Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Johnson Rice started coverage on Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 price objective on the stock. Pickering Energy Partners initiated coverage on Tidewater in a research report on Tuesday, January 30th. They set an “outperform” rating on the stock. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Finally, Evercore ISI increased their price objective on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tidewater presently has an average rating of “Buy” and an average target price of $93.00.

Tidewater declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 29th that authorizes the company to repurchase $48.60 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 1.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Tidewater

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

About Tidewater

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.