Naviter Wealth LLC Lowers Stock Holdings in Tidewater Inc. (NYSE:TDW)

Naviter Wealth LLC lessened its holdings in shares of Tidewater Inc. (NYSE:TDW) by 65.9% during the second quarter, HoldingsChannel reports. The firm owned 84,794 shares of the oil and gas company’s stock after selling 164,048 shares during the quarter. Tidewater accounts for approximately 1.2% of Naviter Wealth LLC’s investment portfolio, making the stock its 14th largest holding. Naviter Wealth LLC’s holdings in Tidewater were worth $8,073,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TDW. Sage Mountain Advisors LLC boosted its position in shares of Tidewater by 4.8% in the second quarter. Sage Mountain Advisors LLC now owns 2,636 shares of the oil and gas company’s stock worth $251,000 after acquiring an additional 120 shares during the last quarter. GAMMA Investing LLC raised its stake in Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 153 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of 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 purchasing an additional 156 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Tidewater by 0.7% during the 2nd quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company’s stock valued at $2,525,000 after buying an additional 174 shares during the period. Finally, Precision Wealth Strategies LLC increased its holdings in shares of Tidewater by 8.5% during the 4th quarter. Precision Wealth Strategies LLC now owns 3,376 shares of the oil and gas company’s stock worth $243,000 after buying an additional 264 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Buying and Selling at Tidewater

In related news, CEO Quintin Kneen sold 166,000 shares of Tidewater stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $103.76, for a total value of $17,224,160.00. Following the completion of the sale, the chief executive officer now owns 335,718 shares in the company, valued at $34,834,099.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Quintin Kneen sold 166,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $103.76, for a total value of $17,224,160.00. Following the completion of the sale, the chief executive officer now owns 335,718 shares of the company’s stock, valued at approximately $34,834,099.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Louis Raspino sold 25,666 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $104.19, for a total transaction of $2,674,140.54. Following the completion of the sale, the director now owns 43,832 shares in the company, valued at approximately $4,566,856.08. The disclosure for this sale can be found here. Insiders have sold a total of 211,666 shares of company stock valued at $22,025,901 in the last three months. Corporate insiders own 8.33% of the company’s stock.

Tidewater Stock Down 8.6 %

Shares of TDW stock traded down $7.60 on Tuesday, hitting $81.10. The stock had a trading volume of 310,108 shares, compared to its average volume of 836,572. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of 32.75 and a beta of 1.13. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90. The stock’s 50 day moving average is $93.06 and its 200-day moving average is $93.03.

Tidewater (NYSE:TDW) last released its quarterly 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 business had revenue of $339.20 million for the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The company’s revenue was up 57.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.46 earnings per share. As a group, research analysts expect that Tidewater Inc. will post 4.4 earnings per share for the current year.

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

Analysts Set New Price Targets

TDW has been the topic of a number of research analyst reports. Raymond James lifted their target price on Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a report on Thursday, August 8th. BTIG Research lifted their target price 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 given a strong buy rating to the stock. Based on data from MarketBeat, Tidewater has a consensus rating of “Buy” and an average price target of $111.25.

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.