Boston Partners Acquires 243,489 Shares of Tidewater Inc. (NYSE:TDW)

Boston Partners raised its holdings in Tidewater Inc. (NYSE:TDW) by 11.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,323,725 shares of the oil and gas company’s stock after buying an additional 243,489 shares during the quarter. Boston Partners owned about 4.40% of Tidewater worth $214,055,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Cim LLC bought a new stake in shares of Tidewater in the 1st quarter worth approximately $214,000. Comerica Bank boosted its position in shares of Tidewater by 2,170.4% during the first quarter. Comerica Bank now owns 33,398 shares of the oil and gas company’s stock valued at $3,073,000 after purchasing an additional 31,927 shares in the last quarter. SkyView Investment Advisors LLC bought a new stake in shares of Tidewater during the first quarter valued at approximately $1,016,000. Progeny 3 Inc. boosted its position in shares of Tidewater by 1.6% during the first quarter. Progeny 3 Inc. now owns 242,300 shares of the oil and gas company’s stock valued at $22,292,000 after purchasing an additional 3,700 shares in the last quarter. Finally, Transcendent Capital Group LLC bought a new stake in shares of Tidewater during the first quarter valued at approximately $28,000. 95.13% of the stock is currently owned by institutional investors.

Tidewater Stock Down 7.4 %

NYSE:TDW traded down $6.97 during trading hours on Friday, reaching $87.54. 1,156,586 shares of the company traded hands, compared to its average volume of 694,439. The business’s 50-day moving average price is $97.95 and its two-hundred day moving average price is $90.00. The stock has a market capitalization of $4.62 billion, a P/E ratio of 34.87 and a beta of 1.20. Tidewater Inc. has a 1 year low of $54.53 and a 1 year high of $111.42. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59.

Tidewater (NYSE:TDW) last announced its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. The business had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share. Analysts predict that Tidewater Inc. will post 4.68 earnings per share for the current year.

Tidewater declared that its board has authorized a stock buyback program on Thursday, May 2nd that allows the company to repurchase $18.10 million in shares. This repurchase authorization allows the oil and gas company to buy up to 0.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Tidewater

In other Tidewater news, CEO Quintin Kneen sold 150,000 shares of Tidewater stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $109.01, for a total transaction of $16,351,500.00. Following the completion of the transaction, the chief executive officer now owns 501,718 shares in the company, valued at $54,692,279.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Kenneth Traub sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $106.38, for a total value of $2,127,600.00. Following the completion of the transaction, the director now owns 68,802 shares in the company, valued at $7,319,156.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Quintin Kneen sold 150,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $109.01, for a total value of $16,351,500.00. Following the completion of the transaction, the chief executive officer now owns 501,718 shares of the company’s stock, valued at approximately $54,692,279.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 733,926 shares of company stock worth $78,328,615. 8.33% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, BTIG Research lifted their price target on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $102.33.

Tidewater Profile

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.