Tidewater (NYSE:TDW) Upgraded to “Hold” at StockNews.com

Tidewater (NYSE:TDW) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.

Separately, Raymond James raised their price target 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Tidewater currently has an average rating of “Buy” and a consensus target price of $111.25.

Tidewater Stock Performance

Shares of TDW traded down $0.76 during midday trading on Friday, reaching $71.24. 1,042,428 shares of the stock were exchanged, compared to its average volume of 871,088. The stock’s 50 day simple moving average is $82.06 and its 200 day simple moving average is $92.33. The company has a market cap of $3.74 billion, a P/E ratio of 28.38 and a beta of 1.13. The company has a quick ratio of 1.82, a current ratio of 1.90 and a debt-to-equity ratio of 0.56. Tidewater has a twelve month low of $54.53 and a twelve month high of $111.42.

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

Tidewater announced that its board has approved a share repurchase plan on Tuesday, August 6th that allows the company to repurchase $13.90 million in shares. This repurchase authorization allows the oil and gas company to purchase up to 0.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in shares of Tidewater by 135.4% in the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after buying an additional 153 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Tidewater by 71.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after buying an additional 156 shares during the last quarter. Quarry LP purchased a new position in shares of Tidewater in the 2nd quarter valued at $27,000. Transcendent Capital Group LLC purchased a new stake in Tidewater in the 1st quarter valued at $28,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Tidewater during the second quarter worth $30,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.