Emerald Advisers LLC Sells 247,646 Shares of Tidewater Inc. (NYSE:TDW)

Emerald Advisers LLC cut its holdings in Tidewater Inc. (NYSE:TDW) by 97.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,478 shares of the oil and gas company’s stock after selling 247,646 shares during the period. Emerald Advisers LLC’s holdings in Tidewater were worth $274,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. AlphaQuest LLC grew its stake in shares of Tidewater by 177.4% in the 4th quarter. AlphaQuest LLC now owns 799 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 511 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Tidewater in the 4th quarter valued at about $53,000. EverSource Wealth Advisors LLC grew its stake in shares of Tidewater by 45.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,065 shares of the oil and gas company’s stock valued at $58,000 after buying an additional 333 shares during the period. Steward Partners Investment Advisory LLC grew its stake in shares of Tidewater by 336.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,588 shares of the oil and gas company’s stock valued at $87,000 after buying an additional 1,224 shares during the period. Finally, Covestor Ltd grew its stake in shares of Tidewater by 54.9% in the 4th quarter. Covestor Ltd now owns 1,819 shares of the oil and gas company’s stock valued at $100,000 after buying an additional 645 shares during the period. 95.13% of the stock is owned by institutional investors.

Tidewater Price Performance

TDW stock opened at $52.72 on Monday. The company has a market capitalization of $2.61 billion, a P/E ratio of 15.78 and a beta of 1.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.00 and a current ratio of 2.07. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $108.44. The business has a 50-day simple moving average of $44.44 and a two-hundred day simple moving average of $45.56.

Tidewater (NYSE:TDW) last posted its earnings results on Friday, May 9th. The oil and gas company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.59 by $0.24. Tidewater had a net margin of 12.98% and a return on equity of 15.97%. During the same quarter in the previous year, the company posted $0.89 EPS. The business’s revenue was up 3.8% compared to the same quarter last year. Research analysts expect that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Raymond James Financial cut their price target on Tidewater from $76.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Tidewater has a consensus rating of “Hold” and a consensus price target of $69.33.

Insider Activity at Tidewater

In other news, Director Robert Robotti bought 15,000 shares of the company’s stock in a transaction on Wednesday, June 4th. The shares were purchased at an average price of $42.05 per share, with a total value of $630,750.00. Following the transaction, the director directly owned 2,234,957 shares in the company, valued at $93,979,941.85. This represents a 0.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel A. Hudson sold 5,000 shares of Tidewater stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $50.02, for a total transaction of $250,100.00. Following the transaction, the executive vice president directly owned 85,986 shares in the company, valued at approximately $4,301,019.72. This represents a 5.50% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 25,560 shares of company stock worth $1,074,858. Insiders own 8.33% of the company’s stock.

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.