Sheets Smith Wealth Management Makes New Investment in Tidewater Inc. (NYSE:TDW)

Sheets Smith Wealth Management purchased a new stake in Tidewater Inc. (NYSE:TDW) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 7,068 shares of the oil and gas company’s stock, valued at approximately $510,000.

Other hedge funds have also bought and sold shares of the company. Precision Wealth Strategies LLC lifted its position in shares of Tidewater by 8.5% in the fourth quarter. Precision Wealth Strategies LLC now owns 3,376 shares of the oil and gas company’s stock worth $243,000 after buying an additional 264 shares in the last quarter. Meixler Investment Management Ltd. increased its position in Tidewater by 1.9% during the 4th quarter. Meixler Investment Management Ltd. now owns 15,448 shares of the oil and gas company’s stock valued at $1,114,000 after purchasing an additional 284 shares during the period. Parkside Financial Bank & Trust purchased a new position in Tidewater during the fourth quarter valued at approximately $33,000. Perigon Wealth Management LLC raised its stake in Tidewater by 6.5% in the third quarter. Perigon Wealth Management LLC now owns 8,201 shares of the oil and gas company’s stock worth $583,000 after buying an additional 503 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in Tidewater by 2.5% during the 3rd quarter. Los Angeles Capital Management LLC now owns 21,766 shares of the oil and gas company’s stock valued at $1,547,000 after acquiring an additional 526 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analysts Set New Price Targets

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

Tidewater Price Performance

Shares of TDW traded up $0.49 during mid-day trading on Monday, hitting $107.00. The company’s stock had a trading volume of 597,588 shares, compared to its average volume of 769,247. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. Tidewater Inc. has a 1-year low of $40.65 and a 1-year high of $109.66. The firm has a market capitalization of $5.65 billion, a P/E ratio of 43.15 and a beta of 1.21. The firm has a 50-day simple moving average of $89.44 and a 200 day simple moving average of $74.26.

Tidewater (NYSE:TDW) last issued its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The company had revenue of $321.20 million for the quarter, compared to analyst estimates of $312.05 million. During the same period in the previous year, the firm earned $0.23 EPS. The business’s revenue was up 66.3% on a year-over-year basis. Analysts predict that Tidewater Inc. will post 4.94 EPS for the current fiscal year.

Tidewater announced that its Board of Directors has initiated a share buyback program on Thursday, February 29th that permits the company to buyback $48.60 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 1.1% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Samuel R. Rubio sold 19,641 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the transaction, the chief financial officer now directly owns 98,036 shares of the company’s stock, valued at approximately $7,976,208.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO David E. Darling sold 17,821 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total value of $1,462,747.68. Following the completion of the transaction, the chief operating officer now owns 85,959 shares of the company’s stock, valued at approximately $7,055,514.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Samuel R. Rubio sold 19,641 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total transaction of $1,597,991.76. Following the sale, the chief financial officer now directly owns 98,036 shares in the company, valued at $7,976,208.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,462 shares of company stock valued at $3,716,739. Corporate insiders own 9.59% of the company’s stock.

Tidewater 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.