Tidewater (NYSE:TDW) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Tidewater Inc. (NYSE:TDW) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $69.30 and traded as high as $75.04. Tidewater shares last traded at $73.4150, with a volume of 708,374 shares trading hands.

Analysts Set New Price Targets

TDW has been the subject of a number of research reports. Zacks Research lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Barclays boosted their target price on shares of Tidewater from $80.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Raymond James Financial set a $117.00 price objective on shares of Tidewater in a report on Tuesday, March 3rd. Finally, Dawson James reissued an “outperform” rating on shares of Tidewater in a report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $89.33.

Tidewater Stock Performance

The company has a quick ratio of 3.22, a current ratio of 3.33 and a debt-to-equity ratio of 0.48. The company has a market cap of $3.65 billion, a PE ratio of 12.30 and a beta of 0.57. The business’s fifty day moving average is $82.61 and its 200-day moving average is $69.30.

Tidewater (NYSE:TDW) last posted its quarterly earnings data on Monday, May 4th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.63). The business had revenue of $326.22 million during the quarter, compared to analysts’ expectations of $322.83 million. Tidewater had a return on equity of 8.79% and a net margin of 22.16%.The business’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.83 EPS. As a group, research analysts predict that Tidewater Inc. will post 3.52 EPS for the current fiscal year.

Insider Buying and Selling

In other Tidewater news, EVP Samuel R. Rubio sold 22,461 shares of Tidewater stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $80.05, for a total transaction of $1,798,003.05. Following the transaction, the executive vice president owned 60,066 shares of the company’s stock, valued at $4,808,283.30. The trade was a 27.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Daniel A. Hudson sold 5,195 shares of Tidewater stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $80.56, for a total transaction of $418,509.20. Following the transaction, the executive vice president directly owned 45,971 shares in the company, valued at $3,703,423.76. This represents a 10.15% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Tidewater

Several large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in Tidewater by 148.4% during the first quarter. Bank of America Corp DE now owns 247,218 shares of the oil and gas company’s stock valued at $20,655,000 after purchasing an additional 147,679 shares in the last quarter. Amundi lifted its holdings in Tidewater by 28.6% during the first quarter. Amundi now owns 14,461 shares of the oil and gas company’s stock valued at $1,208,000 after purchasing an additional 3,217 shares in the last quarter. California State Teachers Retirement System lifted its holdings in Tidewater by 46.4% during the first quarter. California State Teachers Retirement System now owns 20,336 shares of the oil and gas company’s stock valued at $1,699,000 after purchasing an additional 6,447 shares in the last quarter. Readystate Asset Management LP purchased a new position in Tidewater during the first quarter valued at approximately $1,662,000. Finally, Quantinno Capital Management LP lifted its holdings in Tidewater by 31.5% during the first quarter. Quantinno Capital Management LP now owns 7,612 shares of the oil and gas company’s stock valued at $636,000 after purchasing an additional 1,824 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Tidewater Company Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.