Tidewater (NYSE:TDW) Issues Earnings Results, Misses Estimates By $0.48 EPS

Tidewater (NYSE:TDW) released its quarterly earnings data on Tuesday. The oil and gas company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.48), FiscalAI reports. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The company had revenue of $341.11 million during the quarter, compared to analyst estimates of $328.84 million. During the same quarter in the prior year, the company posted $0.87 EPS. The firm’s quarterly revenue was up .2% compared to the same quarter last year.

Tidewater Stock Performance

Shares of NYSE:TDW traded up $1.93 during midday trading on Monday, hitting $54.83. The company’s stock had a trading volume of 1,363,248 shares, compared to its average volume of 981,585. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11. The stock’s 50 day simple moving average is $53.60 and its 200 day simple moving average is $49.76. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 14.20 and a beta of 1.00. Tidewater has a fifty-two week low of $31.17 and a fifty-two week high of $64.07.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC bought a new position in shares of Tidewater during the second quarter valued at $465,000. Amundi bought a new stake in shares of Tidewater during the second quarter worth $417,000. Boothbay Fund Management LLC bought a new position in shares of Tidewater in the second quarter worth about $391,000. Cetera Investment Advisers boosted its position in shares of Tidewater by 4.1% in the 2nd quarter. Cetera Investment Advisers now owns 8,010 shares of the oil and gas company’s stock worth $370,000 after purchasing an additional 314 shares during the last quarter. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Tidewater during the third quarter worth $310,000. 95.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

TDW has been the topic of several research analyst reports. Zacks Research cut shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Dnb Nor Markets lowered Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. BTIG Research downgraded Tidewater from a “buy” rating to a “neutral” rating in a report on Monday, July 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Tidewater in a research note on Wednesday, October 8th. Finally, Evercore ISI boosted their target price on shares of Tidewater from $60.00 to $67.00 and gave the stock an “in-line” rating in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.00.

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.