The Manufacturers Life Insurance Company Grows Position in Tidewater Inc. (NYSE:TDW)

The Manufacturers Life Insurance Company boosted its holdings in Tidewater Inc. (NYSE:TDW) by 4.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,764 shares of the oil and gas company’s stock after acquiring an additional 1,293 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of Tidewater worth $2,739,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of TDW. Millennium Management LLC increased its position in shares of Tidewater by 27.7% in the second quarter. Millennium Management LLC now owns 252,199 shares of the oil and gas company’s stock valued at $24,012,000 after buying an additional 54,710 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Tidewater by 3.0% during the 2nd quarter. AQR Capital Management LLC now owns 45,780 shares of the oil and gas company’s stock worth $4,359,000 after buying an additional 1,322 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Tidewater during the 2nd quarter worth $1,477,000. Xponance Inc. raised its stake in shares of Tidewater by 9.9% during the 2nd quarter. Xponance Inc. now owns 3,092 shares of the oil and gas company’s stock worth $294,000 after buying an additional 279 shares during the last quarter. Finally, Evergreen Capital Management LLC acquired a new position in shares of Tidewater during the 2nd quarter worth $219,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Tidewater Trading Down 1.1 %

Shares of TDW stock opened at $69.50 on Wednesday. The firm has a 50-day moving average price of $80.48 and a 200 day moving average price of $91.97. Tidewater Inc. has a twelve month low of $54.53 and a twelve month high of $111.42. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of 27.69 and a beta of 1.12. 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 (NYSE:TDW) last posted its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.72 by $0.22. The company had revenue of $339.20 million during the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The firm’s revenue was up 57.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.46 EPS. Research analysts forecast that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its board has approved a stock 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 reacquire up to 0.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

TDW has been the subject of several research reports. Raymond James lifted their price target on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 8th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $111.25.

Tidewater 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.