Lloyd Harbor Capital Management LLC Takes $6.59 Million Position in Tidewater Inc. (NYSE:TDW)

Lloyd Harbor Capital Management LLC bought a new stake in Tidewater Inc. (NYSE:TDW) during the 4th quarter, HoldingsChannel.com reports. The firm bought 120,414 shares of the oil and gas company’s stock, valued at approximately $6,588,000. Tidewater comprises approximately 4.3% of Lloyd Harbor Capital Management LLC’s holdings, making the stock its 10th biggest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in TDW. AlphaQuest LLC lifted its position in Tidewater by 177.4% during the fourth quarter. AlphaQuest LLC now owns 799 shares of the oil and gas company’s stock worth $44,000 after buying an additional 511 shares in the last quarter. Headlands Technologies LLC purchased a new position in Tidewater during the fourth quarter worth approximately $53,000. EverSource Wealth Advisors LLC lifted its position in Tidewater by 45.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,065 shares of the oil and gas company’s stock worth $58,000 after buying an additional 333 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Tidewater by 2,018.3% during the fourth quarter. Venturi Wealth Management LLC now owns 1,271 shares of the oil and gas company’s stock worth $70,000 after buying an additional 1,211 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in Tidewater by 336.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,588 shares of the oil and gas company’s stock worth $87,000 after buying an additional 1,224 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Insider Activity

In other news, Director Robert Robotti acquired 1,770 shares of the company’s stock in a transaction dated Wednesday, March 5th. The stock was acquired at an average cost of $40.95 per share, with a total value of $72,481.50. Following the completion of the purchase, the director now owns 2,183,670 shares of the company’s stock, valued at $89,421,286.50. This represents a 0.08% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 8.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TDW. Raymond James reduced their price objective on Tidewater from $76.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Pickering Energy Partners downgraded Tidewater from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 14th. Finally, Evercore ISI downgraded Tidewater from an “outperform” rating to an “in-line” rating and reduced their target price for the company from $112.00 to $68.00 in a research report on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $69.33.

Tidewater Price Performance

NYSE:TDW opened at $41.44 on Monday. Tidewater Inc. has a 52 week low of $31.17 and a 52 week high of $110.06. The company has a quick ratio of 2.19, a current ratio of 2.29 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $2.11 billion, a P/E ratio of 12.19 and a beta of 1.00. The stock’s fifty day moving average is $38.55 and its two-hundred day moving average is $48.09.

Tidewater (NYSE:TDW) last posted its earnings results on Friday, May 9th. The oil and gas company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.24. Tidewater had a return on equity of 18.16% and a net margin of 13.92%. During the same period in the prior year, the company earned $0.89 EPS. Tidewater’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities analysts expect that Tidewater Inc. will post 3.25 EPS for the current year.

Tidewater 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.