Orchard Capital Management LLC Trims Stock Position in Tidewater Inc. (NYSE:TDW)

Orchard Capital Management LLC decreased its position in Tidewater Inc. (NYSE:TDW) by 1.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 166,146 shares of the oil and gas company’s stock after selling 2,271 shares during the quarter. Tidewater accounts for 4.8% of Orchard Capital Management LLC’s portfolio, making the stock its 3rd biggest holding. Orchard Capital Management LLC owned approximately 0.32% of Tidewater worth $15,819,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in shares of Tidewater in the 2nd quarter worth approximately $30,000. MQS Management LLC purchased a new position in shares of Tidewater in the 2nd quarter worth approximately $335,000. Seven Eight Capital LP purchased a new position in shares of Tidewater in the 2nd quarter worth approximately $625,000. Hsbc Holdings PLC boosted its holdings in shares of Tidewater by 11,317.3% in the 2nd quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock worth $60,992,000 after purchasing an additional 639,765 shares during the period. Finally, O Brien Greene & Co. Inc purchased a new position in shares of Tidewater in the 2nd quarter worth approximately $421,000. Institutional investors own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. StockNews.com cut Tidewater from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th. Raymond James boosted 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 analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $111.25.

Tidewater Price Performance

TDW opened at $75.49 on Friday. The business has a fifty day moving average of $88.33 and a 200 day moving average of $93.10. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The company has a quick ratio of 1.82, a current ratio of 1.90 and a debt-to-equity ratio of 0.56. The stock has a market cap of $3.96 billion, a P/E ratio of 30.07 and a beta of 1.13.

Tidewater (NYSE:TDW) last issued its earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.22. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The business had revenue of $339.20 million during the quarter, compared to analysts’ expectations of $331.85 million. During the same period in the prior year, the business earned $0.46 EPS. The business’s revenue for the quarter was up 57.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tidewater Inc. will post 4.4 EPS for the current year.

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

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.