Spire Wealth Management Acquires 6,423 Shares of Tidewater Inc. $TDW

Spire Wealth Management increased its holdings in Tidewater Inc. (NYSE:TDW) by 161.3% during the 2nd quarter, Holdings Channel reports. The firm owned 10,406 shares of the oil and gas company’s stock after buying an additional 6,423 shares during the period. Spire Wealth Management’s holdings in Tidewater were worth $480,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TDW. Price T Rowe Associates Inc. MD grew its stake in shares of Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company’s stock worth $165,058,000 after purchasing an additional 1,598,513 shares during the last quarter. Robotti Robert grew its stake in shares of Tidewater by 8.5% in the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company’s stock worth $120,750,000 after purchasing an additional 223,651 shares during the last quarter. Third Avenue Management LLC grew its stake in shares of Tidewater by 37.6% in the first quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company’s stock worth $34,207,000 after purchasing an additional 221,079 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Tidewater by 271.7% in the first quarter. Raymond James Financial Inc. now owns 295,337 shares of the oil and gas company’s stock worth $12,484,000 after purchasing an additional 215,891 shares during the last quarter. Finally, Aegis Financial Corp bought a new stake in shares of Tidewater in the first quarter worth about $8,527,000. 95.13% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total transaction of $575,600.00. Following the completion of the transaction, the executive vice president directly owned 75,986 shares in the company, valued at approximately $4,373,754.16. This trade represents a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.60% of the company’s stock.

Analysts Set New Price Targets

TDW has been the topic of several recent analyst reports. BTIG Research cut Tidewater from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Fearnley Fonds upgraded shares of Tidewater to a “hold” rating in a report on Tuesday, September 16th. Zacks Research lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Dnb Nor Markets lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Evercore ISI raised their price objective on shares of Tidewater from $60.00 to $67.00 and gave the stock an “in-line” rating in a report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.00.

Tidewater Price Performance

TDW stock opened at $50.65 on Monday. The firm has a 50 day moving average price of $54.45 and a 200-day moving average price of $49.14. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $65.76. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of 13.12 and a beta of 1.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.04 and a current ratio of 2.11.

Tidewater (NYSE:TDW) last released its earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.95. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The firm had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. During the same period last year, the business earned $0.94 earnings per share. The business’s revenue was up .6% on a year-over-year basis. Equities research analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Tidewater declared that its board has initiated a stock buyback plan on Monday, August 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas company to purchase up to 21.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.