PNC Financial Services Group Inc. Acquires 1,281 Shares of Tidewater Inc. $TDW

PNC Financial Services Group Inc. boosted its stake in shares of Tidewater Inc. (NYSE:TDW) by 141.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,187 shares of the oil and gas company’s stock after buying an additional 1,281 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tidewater were worth $101,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company’s stock valued at $165,058,000 after acquiring an additional 1,598,513 shares during the last quarter. Boston Partners raised its holdings in shares of Tidewater by 1,118.5% in the 2nd quarter. Boston Partners now owns 283,676 shares of the oil and gas company’s stock worth $14,089,000 after purchasing an additional 260,395 shares during the period. Robotti Robert lifted its stake in Tidewater by 8.5% in the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company’s stock valued at $120,750,000 after purchasing an additional 223,651 shares during the last quarter. Third Avenue Management LLC grew its holdings in Tidewater by 37.6% during the first quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company’s stock valued at $34,207,000 after purchasing an additional 221,079 shares during the period. Finally, Raymond James Financial Inc. increased its position in Tidewater by 271.7% in the first quarter. Raymond James Financial Inc. now owns 295,337 shares of the oil and gas company’s stock worth $12,484,000 after buying an additional 215,891 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TDW has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Tidewater in a research report on Monday, November 24th. Evercore ISI dropped their price objective on shares of Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a report on Wednesday, November 12th. Fearnley Fonds upgraded shares of Tidewater to a “hold” rating in a research note on Tuesday, September 16th. Dnb Nor Markets lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Zacks Research downgraded shares of Tidewater from a “hold” rating to a “strong sell” rating in a report on Thursday, November 13th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $67.50.

Tidewater Trading Up 2.2%

Shares of TDW opened at $53.84 on Monday. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $64.07. The stock has a market cap of $2.67 billion, a PE ratio of 13.95 and a beta of 1.00. The company has a quick ratio of 2.04, a current ratio of 2.11 and a debt-to-equity ratio of 0.47. The business’s 50-day moving average price is $52.64 and its 200-day moving average price is $51.44.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Tuesday, November 11th. The oil and gas company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.46 by ($0.48). Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The firm had revenue of $341.11 million for the quarter, compared to analysts’ expectations of $328.84 million. During the same period in the prior year, the firm posted $0.87 EPS. Tidewater’s revenue was up .2% on a year-over-year basis. On average, equities analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater announced that its Board of Directors has initiated a share buyback program on Monday, August 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 21.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.