Tidewater (NYSE:TDW) Trading Down 6%

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

Analysts Set New Price Targets

Separately, Raymond James increased their price objective 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. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tidewater currently has an average rating of “Buy” and a consensus price target of $111.25.

Tidewater Trading 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’s 50-day moving average price is $91.46 and its 200 day moving average price is $93.30. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 27.60 and a beta of 1.13.

Tidewater (NYSE:TDW) last posted its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.22. The firm 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 business’s revenue was up 57.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 earnings per share. As a group, equities analysts expect that Tidewater Inc. will post 4.4 EPS for the current year.

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

Insider Activity at Tidewater

In related news, Director Kenneth Traub sold 20,000 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total value of $2,127,600.00. Following the sale, the director now owns 68,802 shares in the company, valued at approximately $7,319,156.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tidewater

A number of hedge funds have recently bought and sold shares of TDW. CreativeOne Wealth LLC bought a new position in shares of Tidewater during the first quarter valued at about $542,000. Russell Investments Group Ltd. lifted its position in shares of Tidewater by 17.3% during 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 buying an additional 12,799 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Tidewater in the 1st quarter worth approximately $5,658,000. Sei Investments Co. increased its position in shares of Tidewater by 106.8% during the first quarter. Sei Investments Co. now owns 13,987 shares of the oil and gas company’s stock valued at $1,287,000 after acquiring an additional 7,225 shares during the last quarter. Finally, Anthracite Investment Company Inc. bought a new stake in Tidewater during the fourth quarter worth $3,101,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.