Driehaus Capital Management LLC Sells 99,986 Shares of Tidewater Inc. (NYSE:TDW)

Driehaus Capital Management LLC decreased its holdings in shares of Tidewater Inc. (NYSE:TDW) by 15.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 557,127 shares of the oil and gas company’s stock after selling 99,986 shares during the quarter. Driehaus Capital Management LLC owned about 1.06% of Tidewater worth $53,044,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in shares of Tidewater by 135.4% during the 2nd quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 153 shares during the period. PNC Financial Services Group Inc. grew its holdings in Tidewater by 71.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 156 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Tidewater during the first quarter valued at about $28,000. Hollencrest Capital Management purchased a new stake in shares of Tidewater in the second quarter worth about $30,000. Finally, Headlands Technologies LLC grew its position in shares of Tidewater by 6,322.2% during the 2nd quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 1,138 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Raymond James raised their price target on Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a report on Thursday, August 8th. StockNews.com downgraded shares of Tidewater from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Tidewater currently has an average rating of “Moderate Buy” and an average price target of $111.25.

Tidewater Price Performance

Shares of Tidewater stock opened at $71.79 on Friday. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 28.60 and a beta of 1.13. The company has a fifty day moving average of $84.45 and a 200-day moving average of $92.69. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90.

Tidewater (NYSE:TDW) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.22. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The firm had revenue of $339.20 million for the quarter, compared to analysts’ expectations of $331.85 million. During the same period last year, the firm earned $0.46 earnings per share. The company’s revenue for the quarter was up 57.8% compared to the same quarter last year. Equities research analysts expect that Tidewater Inc. will post 4.4 EPS for the current year.

Tidewater declared that its Board of Directors has approved a stock buyback program on Tuesday, August 6th that authorizes the company to repurchase $13.90 million in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 0.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

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.