Tidewater (NYSE:TDW) Stock Price Down 6.4% – Here’s What Happened

Tidewater Inc. (NYSE:TDW)’s stock price traded down 6.4% during mid-day trading on Monday . The company traded as low as $42.88 and last traded at $42.68. 720,832 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 1,047,496 shares. The stock had previously closed at $45.62.

Analyst Ratings Changes

Several brokerages recently commented on TDW. Evercore ISI lowered Tidewater from an “outperform” rating to an “in-line” rating and cut their target price for the company from $112.00 to $68.00 in a research report on Wednesday, January 15th. Pickering Energy Partners lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Raymond James downgraded shares of Tidewater from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $131.00 to $102.00 in a research report on Monday, November 11th. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Finally, DNB Markets began coverage on shares of Tidewater in a report on Friday, November 29th. They set a “buy” rating and a $70.00 price objective on the stock. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

Tidewater Stock Down 11.1 %

The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29. The stock’s 50 day simple moving average is $53.69 and its 200 day simple moving average is $61.24. The firm has a market cap of $2.12 billion, a P/E ratio of 11.93 and a beta of 1.04.

Insider Transactions at Tidewater

In other Tidewater news, CEO Quintin Kneen purchased 41,615 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average price of $48.06 per share, with a total value of $2,000,016.90. Following the transaction, the chief executive officer now owns 176,239 shares in the company, valued at $8,470,046.34. The trade was a 30.91 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.33% of the stock is currently owned by insiders.

Institutional Trading of Tidewater

Institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in shares of Tidewater by 42,719.6% during the fourth quarter. Pacer Advisors Inc. now owns 1,394,207 shares of the oil and gas company’s stock valued at $76,277,000 after buying an additional 1,390,951 shares during the last quarter. Van ECK Associates Corp bought a new position in Tidewater during the 3rd quarter valued at $51,089,000. Norges Bank purchased a new position in Tidewater during the 4th quarter worth $32,388,000. Price T Rowe Associates Inc. MD grew its stake in shares of Tidewater by 20.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company’s stock worth $126,180,000 after acquiring an additional 390,814 shares in the last quarter. Finally, Cerity Partners LLC raised its holdings in shares of Tidewater by 173.4% in the third quarter. Cerity Partners LLC now owns 608,245 shares of the oil and gas company’s stock valued at $43,666,000 after purchasing an additional 385,779 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.