Tidewater (NYSE:TDW) Shares Down 5% – Here’s Why

Tidewater Inc. (NYSE:TDW) dropped 5% during trading on Thursday . The company traded as low as $97.19 and last traded at $95.6020. 239,145 shares traded hands during trading, a decline of 69% from the average daily volume of 770,307 shares. The stock had previously closed at $100.61.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Fearnley Fonds raised Tidewater from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 5th. Zacks Research lowered Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings downgraded shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 28th. Barclays boosted their target price on Tidewater from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Finally, BTIG Research raised shares of Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $98.25.

Tidewater Stock Down 5.9%

The firm’s fifty day moving average is $80.80 and its 200-day moving average is $79.55. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $4.71 billion, a P/E ratio of 19.17 and a beta of 0.56.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The company had revenue of $342.29 million during the quarter, compared to the consensus estimate of $329.97 million. During the same quarter last year, the firm posted $1.46 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. As a group, equities research analysts predict that Tidewater Inc. will post 3.08 earnings per share for the current year.

Insider Activity at Tidewater

In related news, EVP Samuel R. Rubio sold 17,705 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total value of $1,621,069.80. Following the transaction, the executive vice president owned 33,214 shares in the company, valued at $3,041,073.84. The trade was a 34.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TDW. BlackRock Inc. bought a new position in Tidewater during the second quarter valued at approximately $503,200,000. Robotti Robert purchased a new stake in shares of Tidewater in the second quarter worth about $193,652,000. California State Teachers Retirement System boosted its stake in shares of Tidewater by 4,647.9% in the second quarter. California State Teachers Retirement System now owns 965,535 shares of the oil and gas company’s stock worth $64,334,000 after acquiring an additional 945,199 shares during the last quarter. Cerity Partners LLC lifted its holdings in Tidewater by 104.3% in the fourth quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock valued at $57,730,000 after acquiring an additional 583,607 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Tidewater in the second quarter worth $28,293,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

About Tidewater

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.