Glenorchy Capital Ltd Purchases New Holdings in Tidewater Inc. (NYSE:TDW)

Glenorchy Capital Ltd purchased a new stake in Tidewater Inc. (NYSE:TDW) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 84,891 shares of the oil and gas company’s stock, valued at approximately $6,122,000. Tidewater accounts for approximately 2.4% of Glenorchy Capital Ltd’s holdings, making the stock its 3rd largest holding. Glenorchy Capital Ltd owned approximately 0.16% of Tidewater as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Parkside Financial Bank & Trust bought a new stake in shares of Tidewater in the fourth quarter valued at approximately $33,000. Xponance Inc. bought a new stake in shares of Tidewater in the fourth quarter valued at approximately $204,000. VELA Investment Management LLC boosted its stake in shares of Tidewater by 11.1% in the fourth quarter. VELA Investment Management LLC now owns 21,100 shares of the oil and gas company’s stock valued at $1,522,000 after buying an additional 2,102 shares during the period. Vontobel Holding Ltd. bought a new stake in Tidewater during the fourth quarter worth $326,000. Finally, Cerity Partners LLC bought a new stake in Tidewater during the fourth quarter worth $25,322,000. 95.13% of the stock is currently owned by institutional investors.

Tidewater Price Performance

Shares of TDW traded up $4.84 during trading hours on Tuesday, reaching $94.10. The stock had a trading volume of 798,667 shares, compared to its average volume of 764,505. Tidewater Inc. has a 12 month low of $39.41 and a 12 month high of $101.10. The stock has a market capitalization of $4.92 billion, a PE ratio of 51.42 and a beta of 1.20. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.70 and a current ratio of 1.80. The company’s 50-day moving average is $85.39 and its two-hundred day moving average is $72.78.

Tidewater (NYSE:TDW) last announced its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.03). The firm had revenue of $302.66 million during the quarter, compared to the consensus estimate of $309.46 million. Tidewater had a net margin of 9.62% and a return on equity of 13.37%. The firm’s revenue was up 62.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 earnings per share. Research analysts expect that Tidewater Inc. will post 4.94 EPS for the current year.

Tidewater announced that its Board of Directors has authorized a share buyback program on Thursday, February 29th that allows the company to buyback $48.60 million in shares. This buyback authorization allows the oil and gas company to purchase up to 1.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at Tidewater

In related news, CFO Samuel R. Rubio sold 19,641 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now directly owns 98,036 shares in the company, valued at $7,976,208.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Samuel R. Rubio sold 19,641 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now directly owns 98,036 shares in the company, valued at $7,976,208.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Daniel A. Hudson sold 8,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the completion of the sale, the executive vice president now owns 104,312 shares of the company’s stock, valued at $8,553,584. The disclosure for this sale can be found here. Insiders sold 45,462 shares of company stock worth $3,716,739 over the last three months. Company insiders own 9.59% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. BTIG Research upped their target price on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Evercore ISI upped their target price on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. Johnson Rice assumed coverage on Tidewater in a research note on Friday, February 9th. They set a “buy” rating and a $88.00 target price for the company. Finally, Pickering Energy Partners started coverage on Tidewater in a research note on Tuesday, January 30th. They set an “outperform” rating for the company. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $93.00.

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.