Quarry LP Buys Shares of 283 Tidewater Inc. (NYSE:TDW)

Quarry LP purchased a new position in Tidewater Inc. (NYSE:TDW) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 283 shares of the oil and gas company’s stock, valued at approximately $27,000.

Several other large investors have also recently made changes to their positions in TDW. NewEdge Advisors LLC lifted its holdings in Tidewater by 190.7% in the 2nd quarter. NewEdge Advisors LLC now owns 15,562 shares of the oil and gas company’s stock valued at $1,482,000 after purchasing an additional 10,209 shares in the last quarter. Creative Planning lifted its stake in shares of Tidewater by 51.8% in the second quarter. Creative Planning now owns 6,921 shares of the oil and gas company’s stock worth $659,000 after buying an additional 2,363 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its position in Tidewater by 342.5% during the second quarter. Susquehanna Fundamental Investments LLC now owns 15,638 shares of the oil and gas company’s stock worth $1,489,000 after acquiring an additional 12,104 shares during the last quarter. Scientech Research LLC purchased a new stake in Tidewater during the 2nd quarter valued at about $1,144,000. Finally, The Manufacturers Life Insurance Company raised its holdings in Tidewater by 4.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,764 shares of the oil and gas company’s stock valued at $2,739,000 after acquiring an additional 1,293 shares during the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on TDW shares. StockNews.com raised shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Friday. Raymond James upped their price objective on Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $111.25.

Tidewater Trading Down 1.3 %

Shares of TDW stock opened at $70.31 on Tuesday. The stock has a market capitalization of $3.69 billion, a P/E ratio of 28.01 and a beta of 1.12. Tidewater Inc. has a fifty-two week low of $54.53 and a fifty-two 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. The company has a 50 day moving average price of $81.00 and a 200 day moving average price of $92.12.

Tidewater (NYSE:TDW) last released its earnings results 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 during the quarter, compared to analyst estimates of $331.85 million. During the same period last year, the business posted $0.46 earnings per share. Tidewater’s revenue was up 57.8% compared to the same quarter last year. Equities research analysts predict that Tidewater Inc. will post 4.4 EPS for the current fiscal year.

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