Tidewater (NYSE:TDW) Cut to Neutral at BTIG Research

BTIG Research downgraded shares of Tidewater (NYSE:TDW) from a buy rating to a neutral rating in a report issued on Monday, MarketBeat Ratings reports.

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

Tidewater Trading Down 4.8%

Tidewater stock opened at $46.33 on Monday. The stock has a market cap of $2.29 billion, a P/E ratio of 13.87 and a beta of 1.08. Tidewater has a 12 month low of $31.17 and a 12 month high of $108.44. The company’s fifty day simple moving average is $45.00 and its 200-day simple moving average is $45.58. The company has a quick ratio of 2.00, a current ratio of 2.07 and a debt-to-equity ratio of 0.50.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.24. Tidewater had a net margin of 12.98% and a return on equity of 15.97%. Tidewater’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share. As a group, sell-side analysts forecast that Tidewater will post 3.25 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Covestor Ltd raised its position in shares of Tidewater by 14.1% during the first quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 256 shares during the last quarter. Signaturefd LLC raised its position in shares of Tidewater by 33.3% during the first quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 282 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Tidewater by 45.5% during the fourth 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 last quarter. Illinois Municipal Retirement Fund raised its position in shares of Tidewater by 1.5% during the first quarter. Illinois Municipal Retirement Fund now owns 27,448 shares of the oil and gas company’s stock valued at $1,160,000 after buying an additional 405 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Tidewater by 1.6% during the second quarter. State of Alaska Department of Revenue now owns 27,092 shares of the oil and gas company’s stock valued at $1,249,000 after buying an additional 426 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.