Tidewater Inc. (NYSE:TDW) Director Robert Robotti Sells 170,000 Shares

Tidewater Inc. (NYSE:TDW) Director Robert Robotti sold 170,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $107.62, for a total value of $18,295,400.00. Following the sale, the director now owns 2,533,037 shares of the company’s stock, valued at $272,605,441.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Robert Robotti also recently made the following trade(s):

• On Friday, May 17th, Robert Robotti sold 58,493 shares of Tidewater stock. The shares were sold at an average price of $105.44, for a total value of $6,167,501.92.
• On Wednesday, May 8th, Robert Robotti sold 1,494 shares of Tidewater stock. The stock was sold at an average price of $107.53, for a total transaction of $160,649.82.

Tidewater Price Performance

Shares of NYSE TDW opened at $105.50 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 42.03 and a beta of 1.21. Tidewater Inc. has a twelve month low of $42.62 and a twelve month high of $111.42. The business has a 50 day simple moving average of $95.33 and a 200-day simple moving average of $76.77.

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

Tidewater declared that its board has approved a stock buyback plan on Thursday, February 29th that authorizes the company to buyback $48.60 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 1.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Johnson Rice began coverage on shares of Tidewater in a research report on Friday, February 9th. They issued a “buy” rating and a $88.00 price objective for the company. Pickering Energy Partners started coverage on Tidewater in a research note on Tuesday, January 30th. They set an “outperform” rating on the stock. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Evercore ISI raised their target price on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. Finally, BTIG Research upped their price target on Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, May 10th. One investment 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. Based on data from MarketBeat.com, Tidewater currently has an average rating of “Buy” and an average price target of $98.00.

Institutional Trading of Tidewater

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its position in Tidewater by 71.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after buying an additional 156 shares during the period. Transcendent Capital Group LLC bought a new stake in Tidewater in the 1st quarter valued at about $28,000. Parkside Financial Bank & Trust acquired a new position in Tidewater during the 4th quarter valued at about $33,000. Spire Wealth Management grew its position in Tidewater by 608.4% in the 4th quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company’s stock worth $121,000 after purchasing an additional 1,521 shares during the last quarter. Finally, Xponance Inc. acquired a new stake in shares of Tidewater in the fourth quarter valued at approximately $204,000. 95.13% of the stock is currently 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.