Pinnacle Associates Ltd. Sells 32,143 Shares of Tidewater Inc. (NYSE:TDW)

Pinnacle Associates Ltd. reduced its stake in Tidewater Inc. (NYSE:TDW) by 49.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,157 shares of the oil and gas company’s stock after selling 32,143 shares during the period. Pinnacle Associates Ltd.’s holdings in Tidewater were worth $2,391,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TDW. PNC Financial Services Group Inc. boosted its position 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 worth $27,000 after purchasing an additional 156 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Tidewater by 22.5% in the 1st quarter. BNP Paribas Financial Markets now owns 38,597 shares of the oil and gas company’s stock worth $3,551,000 after purchasing an additional 7,087 shares during the last quarter. Hosking Partners LLP boosted its position in shares of Tidewater by 0.6% in the 1st quarter. Hosking Partners LLP now owns 283,350 shares of the oil and gas company’s stock worth $26,068,000 after purchasing an additional 1,591 shares during the last quarter. FORA Capital LLC bought a new position in shares of Tidewater in the 1st quarter worth $1,473,000. Finally, Quantbot Technologies LP bought a new position in shares of Tidewater in the 1st quarter worth $1,473,000. 95.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on TDW. Raymond James lifted their target price on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 8th. StockNews.com lowered Tidewater from a “hold” rating to a “sell” rating in a report on Saturday, October 26th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $111.25.

Tidewater Stock Performance

TDW opened at $58.82 on Friday. The business’s 50-day moving average price is $72.15 and its two-hundred day moving average price is $88.20. Tidewater Inc. has a 1 year low of $54.53 and a 1 year high of $111.42. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 19.48 and a beta of 1.12. 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 released its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.22. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The firm had revenue of $339.20 million for the quarter, compared to the consensus estimate of $331.85 million. During the same quarter last year, the business posted $0.46 EPS. The company’s revenue for the quarter was up 57.8% on a year-over-year basis. Equities analysts expect that Tidewater Inc. will post 4.4 EPS for the current fiscal year.

Tidewater announced that its board has initiated a stock buyback plan 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 reacquire up to 0.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.