SummerHaven Investment Management LLC Makes New Investment in Tidewater Inc. $TDW

SummerHaven Investment Management LLC acquired a new position in Tidewater Inc. (NYSE:TDW) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 16,032 shares of the oil and gas company’s stock, valued at approximately $855,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new stake in shares of Tidewater during the second quarter worth $28,199,000. American Century Companies Inc. lifted its stake in Tidewater by 291.8% in the second quarter. American Century Companies Inc. now owns 556,481 shares of the oil and gas company’s stock valued at $25,670,000 after buying an additional 414,454 shares during the period. Boston Partners boosted its holdings in shares of Tidewater by 1,118.5% during the 2nd quarter. Boston Partners now owns 283,676 shares of the oil and gas company’s stock worth $14,089,000 after buying an additional 260,395 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Tidewater by 159.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 358,563 shares of the oil and gas company’s stock worth $16,541,000 after buying an additional 220,473 shares in the last quarter. Finally, Sagil Capital LLP grew its position in shares of Tidewater by 133.2% during the 2nd quarter. Sagil Capital LLP now owns 354,461 shares of the oil and gas company’s stock worth $16,351,000 after buying an additional 202,461 shares during the period. Institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tidewater in a research note on Monday, December 29th. Zacks Research upgraded Tidewater from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Evercore ISI cut their target price on Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a report on Wednesday, November 12th. Finally, Dnb Nor Markets downgraded shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. One investment analyst has rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $67.50.

Tidewater Trading Up 2.6%

NYSE:TDW opened at $63.29 on Wednesday. Tidewater Inc. has a 52 week low of $31.17 and a 52 week high of $64.30. The firm has a 50-day moving average price of $54.97 and a two-hundred day moving average price of $54.45. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.79 and a current ratio of 2.89. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 21.31 and a beta of 0.63.

Tidewater (NYSE:TDW) last released its earnings results on Tuesday, November 11th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.48). The business had revenue of $341.11 million during the quarter, compared to the consensus estimate of $328.84 million. Tidewater had a net margin of 11.14% and a return on equity of 14.86%. The business’s revenue was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $0.87 earnings per share. On average, equities analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

About Tidewater

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.