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

Tidewater Inc. (NYSE:TDW)’s share price gapped down prior to trading on Friday . The stock had previously closed at $64.15, but opened at $57.69. Tidewater shares last traded at $55.61, with a volume of 402,714 shares changing hands.

Analysts Set New Price Targets

Several brokerages recently commented on TDW. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Thursday. Raymond James lifted their target price on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $111.25.

Tidewater Stock Performance

The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 16.49 and a beta of 1.14. The stock’s 50 day moving average is $68.76 and its two-hundred day moving average is $86.91.

Tidewater declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, August 6th that authorizes the company to repurchase $13.90 million in outstanding 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 plans are often a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Tidewater

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Tidewater by 25.7% during the first quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock worth $442,956,000 after purchasing an additional 985,398 shares in the last quarter. Boston Partners increased its position in Tidewater by 11.7% during the 1st quarter. Boston Partners now owns 2,323,725 shares of the oil and gas company’s stock worth $214,055,000 after purchasing an additional 243,489 shares during the period. Van ECK Associates Corp acquired a new position in Tidewater during the 3rd quarter worth approximately $51,089,000. Hsbc Holdings PLC raised its stake in shares of Tidewater by 11,317.3% during the 2nd quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock worth $60,992,000 after buying an additional 639,765 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Tidewater by 72.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 443,833 shares of the oil and gas company’s stock valued at $42,257,000 after buying an additional 185,972 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.