Van ECK Associates Corp Cuts Stock Holdings in Tidewater Inc. $TDW

Van ECK Associates Corp trimmed its stake in Tidewater Inc. (NYSE:TDW) by 15.2% during the 3rd quarter, Holdings Channel reports. The firm owned 548,378 shares of the oil and gas company’s stock after selling 98,370 shares during the quarter. Van ECK Associates Corp’s holdings in Tidewater were worth $29,245,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Robotti Robert lifted its holdings in shares of Tidewater by 3.3% during the 2nd quarter. Robotti Robert now owns 2,951,533 shares of the oil and gas company’s stock worth $136,154,000 after acquiring an additional 94,902 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Tidewater by 74.2% during the 3rd quarter. American Century Companies Inc. now owns 969,392 shares of the oil and gas company’s stock valued at $51,698,000 after buying an additional 412,911 shares in the last quarter. Third Avenue Management LLC lifted its position in Tidewater by 8.1% in the 2nd quarter. Third Avenue Management LLC now owns 875,157 shares of the oil and gas company’s stock worth $40,371,000 after buying an additional 65,899 shares during the last quarter. Frontier Capital Management Co. LLC grew its position in Tidewater by 14.3% during the second quarter. Frontier Capital Management Co. LLC now owns 744,237 shares of the oil and gas company’s stock valued at $34,332,000 after acquiring an additional 92,884 shares during the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Tidewater in the 2nd quarter valued at $28,199,000. 95.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TDW has been the topic of a number of recent research reports. Zacks Research raised Tidewater from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Tidewater in a report on Monday, December 29th. Dawson James reissued an “outperform” rating on shares of Tidewater in a research note on Tuesday, March 3rd. Evercore reduced their price target 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, Raymond James Financial set a $117.00 price target on Tidewater in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $91.00.

Tidewater Stock Down 0.7%

NYSE:TDW opened at $76.42 on Thursday. Tidewater Inc. has a 1-year low of $31.17 and a 1-year high of $88.99. The firm’s 50-day moving average price is $66.71 and its 200-day moving average price is $58.61. The company has a market capitalization of $3.79 billion, a PE ratio of 11.44 and a beta of 0.57. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.90 and a quick ratio of 2.78.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Monday, March 2nd. The oil and gas company reported $4.41 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $3.64. The firm had revenue of $336.80 million for the quarter, compared to analysts’ expectations of $329.39 million. Tidewater had a return on equity of 12.34% and a net margin of 24.74%.The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS. On average, equities analysts predict that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Insider Transactions at Tidewater

In other news, EVP Daniel A. Hudson sold 5,195 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $80.56, for a total transaction of $418,509.20. Following the transaction, the executive vice president directly owned 45,971 shares of the company’s stock, valued at $3,703,423.76. This represents a 10.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Samuel R. Rubio sold 22,461 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $80.05, for a total transaction of $1,798,003.05. Following the sale, the executive vice president directly owned 60,066 shares in the company, valued at approximately $4,808,283.30. The trade was a 27.22% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 52,656 shares of company stock valued at $4,079,112. 6.60% of the stock is owned by company insiders.

Tidewater Profile

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.