Pekin Hardy Strauss Inc. Sells 6,725 Shares of Tidewater Inc. $TDW

Pekin Hardy Strauss Inc. lowered its stake in shares of Tidewater Inc. (NYSE:TDW) by 27.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,069 shares of the oil and gas company’s stock after selling 6,725 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Tidewater were worth $834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. boosted its position in Tidewater by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 283,950 shares of the oil and gas company’s stock valued at $12,003,000 after acquiring an additional 7,837 shares in the last quarter. Signaturefd LLC lifted its stake in shares of Tidewater by 33.3% in the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 282 shares during the period. Bogart Wealth LLC bought a new stake in shares of Tidewater during the first quarter valued at approximately $30,000. Victory Capital Management Inc. grew its stake in Tidewater by 22.5% in the first quarter. Victory Capital Management Inc. now owns 55,995 shares of the oil and gas company’s stock worth $2,367,000 after purchasing an additional 10,301 shares during the period. Finally, Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group purchased a new stake in Tidewater in the first quarter worth $1,691,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TDW. BTIG Research cut shares of Tidewater from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tidewater in a research note on Wednesday, October 8th. Evercore ISI lifted their target price on shares of Tidewater from $60.00 to $67.00 and gave the company an “in-line” rating in a report on Wednesday, August 6th. Zacks Research lowered Tidewater from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Finally, Fearnley Fonds raised Tidewater to a “hold” rating in a report on Tuesday, September 16th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $69.00.

Tidewater Trading Up 4.0%

Tidewater stock opened at $53.01 on Friday. The business’s fifty day moving average is $53.60 and its 200 day moving average is $49.54. Tidewater Inc. has a one year low of $31.17 and a one year high of $64.07. The stock has a market capitalization of $2.62 billion, a PE ratio of 13.73 and a beta of 1.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04.

Tidewater announced that its board has approved a share repurchase program on Monday, August 4th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the oil and gas company to buy up to 21.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management 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.