Legal & General Group Plc Invests $5.47 Million in Tidewater Inc. $TDW

Legal & General Group Plc purchased a new stake in shares of Tidewater Inc. (NYSE:TDW) during the 2nd quarter, Holdings Channel reports. The fund purchased 82,100 shares of the oil and gas company’s stock, valued at approximately $5,470,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Tidewater during the 2nd quarter worth about $503,200,000. Robotti Robert acquired a new stake in shares of Tidewater during the 2nd quarter worth approximately $193,652,000. Cerity Partners LLC grew its position in shares of Tidewater by 104.3% during the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock worth $57,730,000 after buying an additional 583,607 shares during the period. Old West Investment Management LLC bought a new stake in shares of Tidewater during the second quarter worth approximately $26,238,000. Finally, Bank of New York Mellon Corp acquired a new position in Tidewater in the second quarter valued at approximately $24,842,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TDW has been the topic of a number of recent research reports. Fearnley Fonds raised shares of Tidewater from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 5th. Weiss Ratings lowered Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 28th. Zacks Research cut Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. BTIG Research upgraded Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Tuesday. Finally, Barclays increased their target price on Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.25.

Insiders Place Their Bets

In other Tidewater news, Director Kenneth Traub sold 10,000 shares of Tidewater stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $99.00, for a total transaction of $990,000.00. Following the transaction, the director directly owned 63,521 shares in the company, valued at approximately $6,288,579. The trade was a 13.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Daniel Hudson sold 15,000 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $99.08, for a total value of $1,486,200.00. Following the completion of the transaction, the executive vice president directly owned 33,029 shares of the company’s stock, valued at approximately $3,272,513.32. The trade was a 31.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 42,705 shares of company stock worth $4,097,270. Corporate insiders own 5.90% of the company’s stock.

Tidewater Stock Down 6.0%

Shares of NYSE:TDW opened at $94.61 on Friday. The company has a 50 day moving average price of $81.38 and a two-hundred day moving average price of $79.73. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. The company has a market capitalization of $4.71 billion, a PE ratio of 19.15 and a beta of 0.56. Tidewater Inc. has a 52 week low of $46.65 and a 52 week high of $101.57.

Tidewater (NYSE:TDW) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The firm had revenue of $342.29 million for the quarter, compared to the consensus estimate of $329.97 million. During the same period in the prior year, the business earned $1.46 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Analysts forecast that Tidewater Inc. will post 3.08 earnings per share for the current year.

Tidewater Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.