Tidewater (NYSE:TDW) Shares Gap Up After Insider Buying Activity

Tidewater Inc. (NYSE:TDW) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $47.05, but opened at $49.55. Tidewater shares last traded at $48.77, with a volume of 171,054 shares changing hands.

Specifically, CEO Quintin Kneen purchased 41,615 shares of Tidewater stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average price of $48.06 per share, for a total transaction of $2,000,016.90. Following the completion of the acquisition, 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 purchase was disclosed in a filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TDW. Raymond James cut Tidewater from a “strong-buy” rating to an “outperform” rating and cut their price objective for the company from $131.00 to $102.00 in a research report on Monday, November 11th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Finally, DNB Markets assumed coverage on shares of Tidewater in a research report on Friday, November 29th. They set a “buy” rating and a $70.00 price objective for the company. One investment 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.80.

Tidewater Trading Up 11.7 %

The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 15.45 and a beta of 1.10. The business has a fifty day simple moving average of $56.49 and a 200 day simple moving average of $77.33.

Institutional Investors Weigh In On Tidewater

Institutional investors have recently modified their holdings of the business. State Street Corp raised its stake in Tidewater by 1.9% in the 3rd quarter. State Street Corp now owns 1,867,165 shares of the oil and gas company’s stock worth $134,044,000 after purchasing an additional 35,318 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tidewater by 0.5% during the third quarter. Geode Capital Management LLC now owns 1,092,887 shares of the oil and gas company’s stock worth $78,473,000 after purchasing an additional 5,713 shares during the period. Van ECK Associates Corp acquired a new stake in shares of Tidewater in the third quarter valued at approximately $51,089,000. Hsbc Holdings PLC raised its position in shares of Tidewater by 11,317.3% in the second quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock valued at $60,992,000 after buying an additional 639,765 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Tidewater by 173.4% in the third quarter. Cerity Partners LLC now owns 608,245 shares of the oil and gas company’s stock valued at $43,666,000 after buying an additional 385,779 shares during the period. Institutional investors own 95.13% of the company’s stock.

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.