Tidewater (NYSE:TDW) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Tidewater (NYSE:TDW) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports.

According to Zacks, “Tidewater Inc. provides offshore service vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels. The Company tows and anchor-handles mobile drilling rigs and equipment, transports supplies and personnel, and supports pipe laying and other offshore construction activities. Its operating segment consists of Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. The company serves oil and natural gas exploration, field development, and production companies; independent exploration and production companies; government-owned or government-controlled organizations, and other companies; drilling contractors and other companies. Tidewater Inc. is headquartered in New Orleans, Louisiana. “

Separately, TheStreet lowered shares of Tidewater from a c- rating to a d+ rating in a research report on Friday, October 18th.

NYSE TDW traded up $1.15 on Thursday, reaching $15.95. 159,415 shares of the company’s stock traded hands, compared to its average volume of 189,617. The firm has a market cap of $572.38 million, a price-to-earnings ratio of -2.47 and a beta of 1.55. The stock has a 50 day moving average price of $15.51 and a 200-day moving average price of $18.42. Tidewater has a fifty-two week low of $13.23 and a fifty-two week high of $25.11. The company has a debt-to-equity ratio of 0.39, a quick ratio of 3.90 and a current ratio of 4.03.

Tidewater (NYSE:TDW) last posted its earnings results on Monday, November 11th. The oil and gas company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.71) by ($0.27). The company had revenue of $119.80 million for the quarter, compared to analyst estimates of $122.87 million. Tidewater had a negative return on equity of 14.51% and a negative net margin of 36.07%. The firm’s revenue was up 20.8% on a year-over-year basis. During the same period last year, the business earned ($0.41) earnings per share. As a group, equities research analysts anticipate that Tidewater will post -1.54 EPS for the current fiscal year.

In other news, Director Robert P. Tamburrino acquired 5,000 shares of the firm’s stock in a transaction on Thursday, November 14th. The shares were bought at an average price of $14.00 per share, for a total transaction of $70,000.00. Following the acquisition, the director now owns 20,626 shares of the company’s stock, valued at approximately $288,764. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders acquired a total of 10,711 shares of company stock worth $168,219 in the last 90 days. 0.47% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP purchased a new position in Tidewater during the second quarter worth approximately $440,000. Rhumbline Advisers increased its stake in shares of Tidewater by 8.8% in the 3rd quarter. Rhumbline Advisers now owns 60,370 shares of the oil and gas company’s stock worth $912,000 after acquiring an additional 4,903 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Tidewater by 7.6% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 398,829 shares of the oil and gas company’s stock worth $9,365,000 after acquiring an additional 28,027 shares during the period. BlackRock Inc. raised its holdings in shares of Tidewater by 19.4% during the 2nd quarter. BlackRock Inc. now owns 2,650,081 shares of the oil and gas company’s stock worth $62,224,000 after acquiring an additional 431,361 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Tidewater by 20.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 176,921 shares of the oil and gas company’s stock valued at $4,154,000 after acquiring an additional 30,456 shares during the last quarter. Institutional investors and hedge funds own 84.41% of the company’s stock.

About Tidewater

Tidewater Inc provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore exploration, field development, and production, 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; and various specialized services, such as pipe and cable laying.

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