Tidewater (NYSE:TDW) Trading Down 6%

Tidewater Inc. (NYSE:TDW) traded down 6% during trading on Tuesday . The stock traded as low as $69.02 and last traded at $69.02. 500,015 shares were traded during trading, a decline of 41% from the average session volume of 849,567 shares. The stock had previously closed at $73.40.

Wall Street Analyst Weigh In

Separately, Raymond James lifted their target price on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $111.25.

Tidewater Stock Down 5.6 %

The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 27.60 and a beta of 1.13. The firm’s 50 day simple moving average is $91.46 and its two-hundred day simple moving average is $93.30.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.22. The company had revenue of $339.20 million during the quarter, compared to the consensus estimate of $331.85 million. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The firm’s quarterly revenue was up 57.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.46 earnings per share. On average, equities analysts forecast that Tidewater Inc. will post 4.4 EPS for the current year.

Tidewater announced that its Board of Directors has initiated a share buyback program on Tuesday, August 6th that authorizes the company to buyback $13.90 million in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 0.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Tidewater

In related news, Director Kenneth Traub sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the completion of the transaction, the director now directly owns 68,802 shares in the company, valued at approximately $7,319,156.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 8.33% of the company’s stock.

Institutional Trading of Tidewater

A number of hedge funds have recently made changes to their positions in TDW. GAMMA Investing LLC boosted its position in Tidewater by 135.4% during the 2nd quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after buying an additional 153 shares during the period. PNC Financial Services Group Inc. increased its position in Tidewater by 71.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 156 shares during the period. Quarry LP acquired a new position in Tidewater in the 2nd quarter valued at approximately $27,000. Transcendent Capital Group LLC acquired a new position in Tidewater in the 1st quarter valued at approximately $28,000. Finally, Hollencrest Capital Management acquired a new position in Tidewater in the 2nd quarter valued at approximately $30,000. 95.13% of the stock is owned by institutional investors and hedge funds.

About Tidewater

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.