Tidewater (NYSE:TDW) Shares Up 3.5% – Here’s What Happened

Tidewater Inc. (NYSE:TDW)’s stock price rose 3.5% during trading on Friday . The company traded as high as $50.38 and last traded at $50.38. Approximately 173,861 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 917,010 shares. The stock had previously closed at $48.68.

Analyst Ratings Changes

Several equities research analysts have weighed in on TDW shares. StockNews.com raised shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. DNB Markets initiated coverage on Tidewater in a research note on Friday, November 29th. They set a “buy” rating and a $70.00 price target on the stock. Finally, Raymond James lowered Tidewater from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $131.00 to $102.00 in a report on Monday, November 11th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Tidewater currently has an average rating of “Moderate Buy” and an average target price of $95.80.

Tidewater Price Performance

The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54. The business has a fifty day simple moving average of $55.02 and a 200 day simple moving average of $76.26. The stock has a market capitalization of $2.56 billion, a P/E ratio of 14.41 and a beta of 1.10.

Insider Activity at Tidewater

In other news, CEO Quintin Kneen acquired 41,615 shares of Tidewater stock in a transaction on Friday, December 13th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $8,470,046.34. This trade represents a 30.91 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tidewater

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP purchased a new position in Tidewater in the second quarter worth $27,000. Hollencrest Capital Management bought a new position in Tidewater during the second quarter valued at $30,000. GAMMA Investing LLC grew its holdings in Tidewater by 163.5% during the third quarter. GAMMA Investing LLC now owns 701 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 435 shares during the period. Northwest & Ethical Investments L.P. bought a new stake in shares of Tidewater in the third quarter valued at $65,000. Finally, Headlands Technologies LLC lifted 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 buying an additional 1,138 shares during the last quarter. Hedge funds and other institutional investors 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.