Tidewater Inc. (NYSE:TDW) Director Sells $178,692.50 in Stock

Tidewater Inc. (NYSE:TDW) Director Darron M. Anderson sold 1,750 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $102.11, for a total transaction of $178,692.50. Following the sale, the director now owns 41,447 shares in the company, valued at $4,232,153.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Tidewater Stock Performance

Shares of TDW stock traded up $0.68 during trading hours on Friday, hitting $102.75. The stock had a trading volume of 378,360 shares, compared to its average volume of 760,179. The firm has a market capitalization of $5.42 billion, a PE ratio of 40.94 and a beta of 1.21. Tidewater Inc. has a twelve month low of $42.62 and a twelve month high of $111.42. The stock’s 50 day moving average is $97.31 and its 200 day moving average is $77.98. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74.

Tidewater (NYSE:TDW) last released its quarterly 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 return on equity of 16.24% and a net margin of 11.73%. The business had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. During the same quarter in the prior year, the business earned $0.23 earnings per share. The company’s quarterly revenue was up 66.3% compared to the same quarter last year. As a group, research analysts forecast that Tidewater Inc. will post 4.68 earnings per share for the current fiscal year.

Tidewater announced that its board has approved a stock buyback program on Thursday, February 29th that authorizes the company to buyback $48.60 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 1.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have issued reports on TDW. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. Evercore ISI boosted 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. BTIG Research upped their price target on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 10th. Johnson Rice started coverage on Tidewater in a report on Friday, February 9th. They issued a “buy” rating and a $88.00 price target for the company. Finally, Pickering Energy Partners started coverage on Tidewater in a report on Tuesday, January 30th. They issued an “outperform” rating for the company. One equities 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $98.00.

Institutional Investors Weigh In On Tidewater

Large investors have recently modified their holdings of the stock. Cim LLC purchased a new position in Tidewater in the first quarter worth $214,000. Comerica Bank raised its position in Tidewater by 2,170.4% in the first quarter. Comerica Bank now owns 33,398 shares of the oil and gas company’s stock worth $3,073,000 after acquiring an additional 31,927 shares in the last quarter. SkyView Investment Advisors LLC purchased a new position in Tidewater in the first quarter worth $1,016,000. Progeny 3 Inc. raised its position in Tidewater by 1.6% in the first quarter. Progeny 3 Inc. now owns 242,300 shares of the oil and gas company’s stock worth $22,292,000 after acquiring an additional 3,700 shares in the last quarter. Finally, Transcendent Capital Group LLC acquired a new stake in Tidewater in the first quarter valued at $28,000. Hedge funds and other institutional investors own 95.13% 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.