Tidewater (NYSE:TDW) Rating Lowered to Outperform at Raymond James

Tidewater (NYSE:TDW) was downgraded by equities researchers at Raymond James from a “strong-buy” rating to an “outperform” rating in a note issued to investors on Monday, Marketbeat.com reports. They presently have a $102.00 price objective on the oil and gas company’s stock, down from their previous price objective of $131.00. Raymond James’ price objective would suggest a potential upside of 87.53% from the stock’s current price.

Separately, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Tidewater presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.25.

Tidewater Stock Performance

Shares of NYSE TDW opened at $54.39 on Monday. Tidewater has a 12-month low of $53.73 and a 12-month high of $111.42. The company has a market cap of $2.85 billion, a PE ratio of 16.00 and a beta of 1.14. The stock has a 50 day simple moving average of $67.56 and a 200-day simple moving average of $86.31. The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56.

Tidewater announced that its Board of Directors has approved a stock buyback 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 reacquire up to 0.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Tidewater

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in Tidewater by 135.4% during the 2nd quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 153 shares during the last quarter. Quarry LP bought a new position in shares of Tidewater during the second quarter worth about $27,000. Transcendent Capital Group LLC acquired a new stake in shares of Tidewater in the first quarter valued at approximately $28,000. Hollencrest Capital Management acquired a new stake in shares of Tidewater in the 2nd quarter valued at approximately $30,000. Finally, Headlands Technologies LLC grew its holdings in Tidewater by 6,322.2% during the second quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company’s stock worth $110,000 after purchasing an additional 1,138 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.