New York State Common Retirement Fund Sells 255 Shares of Tidewater Inc. (NYSE:TDW)

New York State Common Retirement Fund decreased its stake in shares of Tidewater Inc. (NYSE:TDW) by 1.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,930 shares of the oil and gas company’s stock after selling 255 shares during the period. New York State Common Retirement Fund’s holdings in Tidewater were worth $1,870,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Commonwealth Equity Services LLC bought a new stake in Tidewater during the 3rd quarter valued at approximately $1,972,000. Raymond James & Associates grew its stake in Tidewater by 158.1% in the third quarter. Raymond James & Associates now owns 77,843 shares of the oil and gas company’s stock worth $5,532,000 after purchasing an additional 47,686 shares during the period. Raymond James Financial Services Advisors Inc. bought a new position in Tidewater in the third quarter worth $1,621,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Tidewater by 7.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,711 shares of the oil and gas company’s stock valued at $1,543,000 after buying an additional 1,412 shares during the period. Finally, High Ground Investment Management LLP boosted its holdings in shares of Tidewater by 11.7% during the 3rd quarter. High Ground Investment Management LLP now owns 236,390 shares of the oil and gas company’s stock valued at $16,800,000 after buying an additional 24,708 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Tidewater Stock Down 1.5 %

TDW stock opened at $107.16 on Thursday. The stock has a market capitalization of $5.65 billion, a P/E ratio of 42.69 and a beta of 1.21. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74. Tidewater Inc. has a 1-year low of $40.65 and a 1-year high of $111.42. The business has a fifty day moving average price of $91.59 and a 200-day moving average price of $75.01.

Tidewater (NYSE:TDW) last issued its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The business had revenue of $321.20 million during the quarter, compared to analyst estimates of $312.05 million. During the same quarter in the previous year, the firm earned $0.23 EPS. Tidewater’s revenue was up 66.3% on a year-over-year basis. Equities analysts forecast that Tidewater Inc. will post 4.94 earnings per share for the current fiscal year.

Tidewater announced that its board has initiated a stock buyback plan on Thursday, February 29th that authorizes the company to buyback $48.60 million in shares. This buyback authorization authorizes the oil and gas company to buy up to 1.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TDW. Johnson Rice started coverage on shares of Tidewater in a research report on Friday, February 9th. They set a “buy” rating and a $88.00 price target for the company. BTIG Research raised their price objective on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Pickering Energy Partners initiated coverage on Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating for the company. Finally, Evercore ISI lifted their price target on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $93.00.

Insider Activity at Tidewater

In other Tidewater news, CFO Samuel R. Rubio sold 19,641 shares of Tidewater stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now owns 98,036 shares of the company’s stock, valued at approximately $7,976,208.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Daniel A. Hudson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the transaction, the executive vice president now owns 104,312 shares of the company’s stock, valued at $8,553,584. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Samuel R. Rubio sold 19,641 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total transaction of $1,597,991.76. Following the sale, the chief financial officer now owns 98,036 shares of the company’s stock, valued at $7,976,208.96. The disclosure for this sale can be found here. Insiders have sold a total of 45,462 shares of company stock worth $3,716,739 over the last quarter. Company insiders own 9.59% of the company’s stock.

About Tidewater

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.