Tidewater (NYSE:TDW) Trading Down 6.1% – Here’s What Happened

Tidewater Inc. (NYSE:TDW)’s stock price dropped 6.1% on Thursday . The stock traded as low as $63.53 and last traded at $63.5550. Approximately 263,998 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 790,671 shares. The stock had previously closed at $67.71.

Wall Street Analyst Weigh In

TDW has been the subject of several analyst reports. Dawson James reissued an “outperform” rating on shares of Tidewater in a research note on Tuesday, March 3rd. Barclays raised their target price on shares of Tidewater from $80.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Raymond James Financial set a $117.00 target price on shares of Tidewater in a research note on Tuesday, March 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Tidewater in a research note on Monday, June 1st. Finally, Pickering Energy Partners raised shares of Tidewater from an “underperform” rating to a “neutral” rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Tidewater presently has a consensus rating of “Hold” and a consensus price target of $89.33.

Tidewater Stock Performance

The company has a debt-to-equity ratio of 0.48, a current ratio of 3.33 and a quick ratio of 3.22. The stock’s 50-day simple moving average is $80.83 and its 200 day simple moving average is $71.08. The stock has a market capitalization of $3.16 billion, a P/E ratio of 10.66 and a beta of 0.49.

Tidewater (NYSE:TDW) last released its quarterly earnings data on Monday, May 4th. The oil and gas company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.63). Tidewater had a return on equity of 8.79% and a net margin of 22.16%.The company had revenue of $326.22 million for the quarter, compared to the consensus estimate of $322.83 million. During the same period last year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was down 2.2% compared to the same quarter last year. Research analysts expect that Tidewater Inc. will post 3.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Tidewater

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TDW. Cerity Partners LLC boosted its position in Tidewater by 104.3% during the fourth quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock worth $57,730,000 after purchasing an additional 583,607 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new position in Tidewater during the fourth quarter worth $21,922,000. American Century Companies Inc. boosted its position in Tidewater by 74.2% during the third quarter. American Century Companies Inc. now owns 969,392 shares of the oil and gas company’s stock worth $51,698,000 after purchasing an additional 412,911 shares during the period. Keybank National Association OH bought a new position in Tidewater during the first quarter worth $25,456,000. Finally, Canoe Financial LP bought a new position in Tidewater during the first quarter worth $22,960,000. 95.13% of the stock is owned by institutional investors.

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.