Valueworks LLC Makes New Investment in Tidewater Inc. $TDW

Valueworks LLC purchased a new stake in shares of Tidewater Inc. (NYSE:TDW) during the second quarter, HoldingsChannel reports. The fund purchased 297,114 shares of the oil and gas company’s stock, valued at approximately $19,797,000. Tidewater comprises 4.1% of Valueworks LLC’s holdings, making the stock its 8th largest holding.

Several other large investors have also made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Tidewater during the 4th quarter valued at approximately $1,036,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Tidewater in the 4th quarter worth approximately $1,953,000. Tejara Capital Ltd boosted its stake in Tidewater by 127.6% in the 4th quarter. Tejara Capital Ltd now owns 44,600 shares of the oil and gas company’s stock worth $2,253,000 after purchasing an additional 25,000 shares during the period. Bank of New York Mellon Corp grew its holdings in Tidewater by 6.7% during the 1st quarter. Bank of New York Mellon Corp now owns 323,869 shares of the oil and gas company’s stock valued at $27,059,000 after buying an additional 20,472 shares in the last quarter. Finally, Robotti Robert bought a new stake in shares of Tidewater during the second quarter valued at approximately $193,652,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Samuel R. Rubio sold 17,705 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the sale, the executive vice president owned 33,214 shares of the company’s stock, valued at $3,041,073.84. This represents a 34.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 5.90% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on TDW. Fearnley Fonds raised shares of Tidewater from a “hold” rating to a “strong-buy” rating in a report on Friday, June 5th. Barclays raised their target price on shares of Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Zacks Research cut shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Finally, Weiss Ratings downgraded shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $91.00.

Tidewater Stock Performance

NYSE:TDW opened at $93.17 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47. Tidewater Inc. has a 1 year low of $46.65 and a 1 year high of $97.50. The stock’s 50 day simple moving average is $78.38 and its two-hundred day simple moving average is $78.79. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 18.86 and a beta of 0.53.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03). The firm had revenue of $342.29 million for the quarter, compared to analysts’ expectations of $329.97 million. Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The firm’s revenue was up .3% on a year-over-year basis. During the same period last year, the company earned $1.46 earnings per share. As a group, equities analysts anticipate that Tidewater Inc. will post 3.08 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.