Tidewater (NYSE:TDW) Shares Gap Down – Here’s What Happened

Tidewater Inc. (NYSE:TDW)’s share price gapped down prior to trading on Friday . The stock had previously closed at $64.15, but opened at $57.69. Tidewater shares last traded at $55.61, with a volume of 402,714 shares changing hands.

Wall Street Analysts Forecast Growth

TDW has been the topic of a number of analyst reports. Raymond James increased their target price on shares of Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 8th. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $111.25.

Tidewater Trading Down 13.4 %

The business’s fifty day moving average price is $69.41 and its 200 day moving average price is $87.19. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 18.80 and a beta of 1.14. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.82.

Tidewater (NYSE:TDW) last posted its earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 EPS for the quarter, topping the consensus estimate 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 revenue for the quarter was up 57.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.46 earnings per share. Research analysts anticipate that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its board has approved a stock repurchase program on Tuesday, August 6th that allows the company to buyback $13.90 million in shares. This buyback authorization allows the oil and gas company to repurchase up to 0.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Tidewater

Institutional investors have recently added to or reduced their stakes in the company. CreativeOne Wealth LLC bought a new stake in Tidewater in the 1st quarter worth about $542,000. Russell Investments Group Ltd. grew its position in Tidewater by 17.3% in the 1st quarter. Russell Investments Group Ltd. now owns 86,750 shares of the oil and gas company’s stock worth $7,981,000 after purchasing an additional 12,799 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in Tidewater in the 1st quarter worth about $5,658,000. Sei Investments Co. grew its position in Tidewater by 106.8% in the 1st quarter. Sei Investments Co. now owns 13,987 shares of the oil and gas company’s stock worth $1,287,000 after purchasing an additional 7,225 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in Tidewater in the 2nd quarter worth about $1,241,000. 95.13% of the stock is owned by institutional investors.

Tidewater Company 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.