Tidewater (NYSE:TDW) Announces Quarterly Earnings Results, Misses Estimates By $0.63 EPS

Tidewater (NYSE:TDW) posted its quarterly earnings data on Monday. The oil and gas company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.63), FiscalAI reports. Tidewater had a net margin of 22.16% and a return on equity of 9.07%. The firm had revenue of $326.22 million during the quarter, compared to analysts’ expectations of $322.83 million. During the same quarter in the previous year, the company posted $0.83 EPS. Tidewater’s revenue for the quarter was down 2.2% on a year-over-year basis.

Tidewater Price Performance

Shares of Tidewater stock traded down $4.67 during trading on Wednesday, hitting $80.34. The stock had a trading volume of 133,207 shares, compared to its average volume of 815,501. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 13.52 and a beta of 0.57. Tidewater has a 12 month low of $38.24 and a 12 month high of $93.13. The business’s 50-day moving average is $82.05 and its 200 day moving average is $65.59. The company has a current ratio of 2.90, a quick ratio of 2.78 and a debt-to-equity ratio of 0.48.

Insider Buying and Selling at Tidewater

In other news, EVP Samuel R. Rubio sold 22,461 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.05, for a total value of $1,798,003.05. Following the transaction, the executive vice president owned 60,066 shares of the company’s stock, valued at approximately $4,808,283.30. This represents a 27.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Daniel A. Hudson sold 15,000 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $77.50, for a total transaction of $1,162,500.00. Following the completion of the transaction, the executive vice president directly owned 50,986 shares in the company, valued at approximately $3,951,415. The trade was a 22.73% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 52,656 shares of company stock worth $4,079,112. Insiders own 6.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in Tidewater by 6.2% in the fourth quarter. Invesco Ltd. now owns 246,302 shares of the oil and gas company’s stock valued at $12,441,000 after acquiring an additional 14,413 shares during the last quarter. Empowered Funds LLC bought a new position in Tidewater in the fourth quarter valued at $2,906,000. XTX Topco Ltd bought a new position in Tidewater in the fourth quarter valued at $2,424,000. SummitTX Capital L.P. bought a new position in Tidewater in the fourth quarter valued at $11,403,000. Finally, Tudor Investment Corp ET AL increased its stake in Tidewater by 342.3% in the fourth quarter. Tudor Investment Corp ET AL now owns 92,438 shares of the oil and gas company’s stock valued at $4,669,000 after acquiring an additional 71,538 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on TDW. Dawson James restated an “outperform” rating on shares of Tidewater in a research report on Tuesday, March 3rd. Raymond James Financial set a $117.00 target price on Tidewater in a research report on Tuesday, March 3rd. Zacks Research raised shares of Tidewater from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Finally, Barclays started coverage on shares of Tidewater in a report on Wednesday, April 1st. They issued an “equal weight” rating and a $80.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $87.33.

Tidewater Company 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.