Tidewater Inc. (NYSE:TDW) is Pilgrim Global Advisors LLC’s 4th Largest Position

Pilgrim Global Advisors LLC reduced its position in Tidewater Inc. (NYSE:TDW) by 54.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 634,842 shares of the oil and gas company’s stock after selling 769,300 shares during the quarter. Tidewater accounts for approximately 7.0% of Pilgrim Global Advisors LLC’s holdings, making the stock its 4th biggest holding. Pilgrim Global Advisors LLC’s holdings in Tidewater were worth $45,575,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky purchased a new position in Tidewater during the 2nd quarter worth $1,241,000. Raymond James & Associates boosted its stake in shares of Tidewater by 11.9% during the third quarter. Raymond James & Associates now owns 93,682 shares of the oil and gas company’s stock valued at $6,725,000 after purchasing an additional 9,952 shares in the last quarter. Comerica Bank lifted its holdings in Tidewater by 2,170.4% during the first quarter. Comerica Bank now owns 33,398 shares of the oil and gas company’s stock worth $3,073,000 after buying an additional 31,927 shares during the period. Public Sector Pension Investment Board bought a new position in shares of Tidewater in the 2nd quarter worth $10,171,000. Finally, Naviter Wealth LLC lifted its stake in shares of Tidewater by 48.7% during the 3rd quarter. Naviter Wealth LLC now owns 126,050 shares of the oil and gas company’s stock worth $9,049,000 after purchasing an additional 41,256 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Tidewater Stock Performance

Shares of TDW stock opened at $51.87 on Wednesday. Tidewater Inc. has a 1 year low of $49.83 and a 1 year high of $111.42. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 15.26 and a beta of 1.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.29 and a quick ratio of 2.19. The business has a fifty day moving average of $60.73 and a 200 day moving average of $80.87.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. DNB Markets began coverage on Tidewater in a research note on Friday, November 29th. They issued a “buy” rating and a $70.00 price target for the company. Finally, Raymond James downgraded Tidewater from a “strong-buy” rating to an “outperform” rating and lowered their price target for the stock from $131.00 to $102.00 in a report on Monday, November 11th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.80.

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.