Tidewater (NYSE:TDW) Releases Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Tidewater (NYSE:TDW) posted its earnings results on Tuesday. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.22, Briefing.com reports. The company had revenue of $339.20 million during the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a return on equity of 18.21% and a net margin of 12.77%. The firm’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Tidewater updated its FY 2024 guidance to EPS.

Tidewater Trading Down 1.9 %

Shares of TDW traded down $1.67 during mid-day trading on Friday, hitting $85.63. The company had a trading volume of 288,372 shares, compared to its average volume of 861,281. The company has a quick ratio of 1.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The stock has a market cap of $4.52 billion, a PE ratio of 34.77 and a beta of 1.20. The business’s 50-day simple moving average is $96.57 and its 200-day simple moving average is $90.52. Tidewater has a 1-year low of $54.53 and a 1-year high of $111.42.

Insider Buying and Selling

In other news, Director Kenneth Traub sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the completion of the sale, the director now directly owns 68,802 shares in the company, valued at $7,319,156.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tidewater news, Director Kenneth Traub sold 20,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $7,319,156.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Quintin Kneen sold 166,000 shares of the stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $103.76, for a total transaction of $17,224,160.00. Following the transaction, the chief executive officer now directly owns 335,718 shares in the company, valued at approximately $34,834,099.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 512,909 shares of company stock valued at $54,277,485. 8.33% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on TDW. Raymond James upped their target price on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research report on Thursday. BTIG Research raised their price objective on shares of Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 10th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $111.25.

Tidewater declared that its board has approved a stock buyback plan 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 purchase up to 0.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

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.