Orchard Capital Management LLC Reduces Position in Tidewater Inc. $TDW

Orchard Capital Management LLC decreased its holdings in shares of Tidewater Inc. (NYSE:TDW) by 55.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,880 shares of the oil and gas company’s stock after selling 56,534 shares during the period. Tidewater comprises approximately 2.3% of Orchard Capital Management LLC’s holdings, making the stock its 13th largest position. Orchard Capital Management LLC owned about 0.09% of Tidewater worth $2,116,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Boston Partners grew its holdings in Tidewater by 1,118.5% during the second quarter. Boston Partners now owns 283,676 shares of the oil and gas company’s stock valued at $14,089,000 after purchasing an additional 260,395 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Tidewater by 4.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,165 shares of the oil and gas company’s stock valued at $238,000 after buying an additional 224 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Tidewater by 1.6% during the 2nd quarter. Prudential Financial Inc. now owns 48,102 shares of the oil and gas company’s stock valued at $2,219,000 after acquiring an additional 771 shares during the period. American Century Companies Inc. increased its holdings in Tidewater by 291.8% in the 2nd quarter. American Century Companies Inc. now owns 556,481 shares of the oil and gas company’s stock worth $25,670,000 after acquiring an additional 414,454 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in Tidewater by 2.3% during the 2nd quarter. Rhumbline Advisers now owns 134,498 shares of the oil and gas company’s stock worth $6,204,000 after acquiring an additional 2,964 shares during the period. 95.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TDW has been the subject of several recent analyst reports. Fearnley Fonds raised shares of Tidewater to a “hold” rating in a report on Tuesday, September 16th. Zacks Research downgraded Tidewater from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 13th. Dnb Nor Markets cut Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Evercore ISI cut their price objective on shares of Tidewater from $67.00 to $65.00 and set an “in-line” rating for the company in a report on Wednesday, November 12th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Tidewater in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $68.33.

Tidewater Stock Up 0.7%

Shares of TDW opened at $52.55 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 13.61 and a beta of 1.00. Tidewater Inc. has a 1 year low of $31.17 and a 1 year high of $64.07. The business’s 50 day simple moving average is $52.69 and its 200-day simple moving average is $51.24.

Tidewater (NYSE:TDW) last announced its quarterly earnings results on Tuesday, November 11th. The oil and gas company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.48). The business had revenue of $341.11 million during the quarter, compared to the consensus estimate of $328.84 million. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The company’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.87 EPS. As a group, equities analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater announced that its Board of Directors has initiated a share repurchase plan on Monday, August 4th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 21.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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.