Tidewater (NYSE:TDW) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Tidewater Inc. (NYSE:TDW)’s stock price passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $87.22 and traded as high as $87.49. Tidewater shares last traded at $87.31, with a volume of 382,215 shares changing hands.

Analysts Set New Price Targets

TDW has been the subject of several recent research reports. Weiss Ratings raised Tidewater from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, October 12th. Barclays raised their price objective on Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th. Finally, BTIG Research restated a “buy” rating and issued a $120.00 price target on shares of Tidewater in a report on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $98.25.

Tidewater Price Performance

The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. The stock has a market cap of $4.34 billion, a price-to-earnings ratio of 17.67 and a beta of 0.60. The stock has a 50-day moving average price of $87.22 and a two-hundred day moving average price of $79.13.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 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 analysts’ expectations of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business posted $1.46 earnings per share. As a group, equities research analysts forecast that Tidewater Inc. will post 3.08 EPS for the current year.

Insider Buying and Selling

In other news, Director Kenneth Traub sold 10,000 shares of Tidewater stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $99.00, for a total transaction of $990,000.00. Following the completion of the sale, 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 filing with the SEC, which is accessible through the SEC website. Also, EVP Samuel R. Rubio sold 17,705 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total value of $1,621,069.80. Following the completion of the transaction, the executive vice president owned 33,214 shares of the company’s stock, valued at $3,041,073.84. This trade represents a 34.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 42,705 shares of company stock worth $4,097,270 in the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TDW. BlackRock Inc. acquired a new position in Tidewater in the 2nd quarter worth approximately $503,200,000. Robotti Robert purchased a new position in Tidewater during the 2nd quarter worth approximately $193,652,000. Dimensional Fund Advisors LP raised its position in Tidewater by 4.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,838,769 shares of the oil and gas company’s stock worth $153,623,000 after buying an additional 86,084 shares during the last quarter. Wellington Management Group LLP raised its position in Tidewater by 11.1% during the 2nd quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company’s stock worth $98,333,000 after buying an additional 147,189 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. lifted its stake in Tidewater by 4.3% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 347,913 shares of the oil and gas company’s stock valued at $29,068,000 after acquiring an additional 14,254 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Company Profile

Tidewater Inc (NYSE: TDW) is an offshore support vessel operator that provides marine transportation and logistics services to the global energy industry. The company supports offshore exploration, development, production, construction and decommissioning activities, transporting personnel, equipment and supplies between shore bases and offshore installations.

Tidewater operates a diverse fleet of vessels, including platform supply vessels, anchor-handling vessels, fast supply vessels, crew boats, tugboats and vessels used for subsea construction, survey and other specialized offshore work.