Tidewater (NYSE:TDW) Trading Down 6.1% – Here’s Why

Tidewater Inc. (NYSE:TDW)’s stock price traded down 6.1% during trading on Thursday . The company traded as low as $63.53 and last traded at $63.5550. Approximately 263,998 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 790,671 shares. The stock had previously closed at $67.71.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. Raymond James Financial set a $117.00 price target on shares of Tidewater in a report on Tuesday, March 3rd. Dawson James reiterated an “outperform” rating on shares of Tidewater in a report on Tuesday, March 3rd. Barclays increased their target price on shares of Tidewater from $80.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Tidewater in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Tidewater has an average rating of “Hold” and a consensus price target of $89.33.

Tidewater Stock Down 0.0%

The company has a quick ratio of 3.22, a current ratio of 3.33 and a debt-to-equity ratio of 0.48. The business has a 50-day simple moving average of $79.93 and a 200-day simple moving average of $71.11. The stock has a market cap of $3.21 billion, a P/E ratio of 10.83 and a beta of 0.49.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Monday, May 4th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.63). The firm had revenue of $326.22 million during the quarter, compared to analyst estimates of $322.83 million. Tidewater had a return on equity of 8.79% and a net margin of 22.16%.Tidewater’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Analysts expect that Tidewater Inc. will post 3.52 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Gordian Capital Singapore Pte Ltd bought a new stake in Tidewater during the 3rd quarter valued at approximately $1,920,000. Fulcrum Asset Management LLP increased its position in Tidewater by 226.1% in the 3rd quarter. Fulcrum Asset Management LLP now owns 33,428 shares of the oil and gas company’s stock worth $1,783,000 after buying an additional 23,177 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Tidewater during the fourth quarter worth approximately $1,036,000. JPMorgan Chase & Co. lifted its holdings in shares of Tidewater by 286.0% during the third quarter. JPMorgan Chase & Co. now owns 187,250 shares of the oil and gas company’s stock worth $9,986,000 after buying an additional 138,739 shares during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in shares of Tidewater in the fourth quarter valued at approximately $1,953,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.