VELA Investment Management LLC Acquires 5,834 Shares of Tidewater Inc. $TDW

VELA Investment Management LLC boosted its stake in shares of Tidewater Inc. (NYSE:TDW) by 17.8% in the second quarter, HoldingsChannel reports. The firm owned 38,540 shares of the oil and gas company’s stock after purchasing an additional 5,834 shares during the quarter. VELA Investment Management LLC’s holdings in Tidewater were worth $2,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System boosted its stake in Tidewater by 4,647.9% in the 2nd quarter. California State Teachers Retirement System now owns 965,535 shares of the oil and gas company’s stock valued at $64,334,000 after purchasing an additional 945,199 shares during the period. Nykredit A S bought a new position in Tidewater during the 2nd quarter worth $139,000. Two Sigma Securities LLC bought a new position in Tidewater during the 2nd quarter worth $299,000. Alyeska Investment Group L.P. lifted its holdings in shares of Tidewater by 17.0% during the second quarter. Alyeska Investment Group L.P. now owns 207,468 shares of the oil and gas company’s stock worth $13,824,000 after buying an additional 30,188 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Tidewater by 11.1% in the second quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company’s stock valued at $98,333,000 after acquiring an additional 147,189 shares during the period. Institutional investors own 95.13% of the company’s stock.

Tidewater Price Performance

Tidewater stock opened at $94.32 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. Tidewater Inc. has a 52 week low of $46.65 and a 52 week high of $101.57. The stock has a market capitalization of $4.69 billion, a P/E ratio of 19.09 and a beta of 0.56. The stock has a fifty day moving average of $82.48 and a 200-day moving average of $80.07.

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

Insider Activity

In related news, EVP Samuel Rubio sold 17,705 shares of Tidewater stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the sale, the executive vice president directly owned 33,214 shares of the company’s stock, valued at approximately $3,041,073.84. The trade was a 34.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Daniel Hudson sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the transaction, the executive vice president owned 33,029 shares of the company’s stock, valued at approximately $3,272,513.32. This represents a 31.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 42,705 shares of company stock worth $4,097,270. Corporate insiders own 5.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TDW shares. BTIG Research upgraded shares of Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 price target on the stock in a research note on Tuesday, September 1st. Weiss Ratings cut shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. Barclays boosted their price objective on shares of Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Fearnley Fonds raised shares of Tidewater from a “hold” rating to a “strong-buy” rating in a report on Friday, June 5th. Finally, Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.25.

Tidewater Company 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.