Tidewater (NYSE:TDW) Announces Quarterly Earnings Results, Beats Estimates By $0.40 EPS

Tidewater (NYSE:TDW) announced its earnings results on Thursday. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40, Briefing.com reports. Tidewater had a return on equity of 16.52% and a net margin of 11.73%. The company had revenue of $321.20 million for the quarter, compared to analyst estimates of $312.05 million. During the same period in the prior year, the company posted $0.23 EPS. Tidewater’s quarterly revenue was up 66.3% on a year-over-year basis.

Tidewater Trading Up 13.4 %

NYSE:TDW opened at $106.51 on Friday. Tidewater has a 1 year low of $39.53 and a 1 year high of $107.45. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 42.43 and a beta of 1.21. The business has a fifty day moving average of $89.44 and a 200-day moving average of $74.23. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.70 and a current ratio of 1.80.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on TDW. BTIG Research upped their price target on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Johnson Rice initiated coverage on Tidewater in a research note on Friday, February 9th. They set a “buy” rating and a $88.00 price objective for the company. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. Pickering Energy Partners initiated coverage on Tidewater in a research note on Tuesday, January 30th. They set an “outperform” rating for the company. Finally, Evercore ISI upped their price objective on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. One research 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 stock. According to data from MarketBeat, Tidewater currently has a consensus rating of “Buy” and a consensus price target of $93.00.

Tidewater declared that its board has initiated a stock buyback program on Thursday, February 29th that allows the company to repurchase $48.60 million in shares. This repurchase authorization allows the oil and gas company to buy up to 1.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other news, EVP Daniel A. Hudson sold 8,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was 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 in the company, valued at $8,553,584. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, COO David E. Darling sold 17,821 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $82.08, for a total value of $1,462,747.68. Following the completion of the sale, the chief operating officer now owns 85,959 shares in the company, valued at $7,055,514.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Daniel A. Hudson sold 8,000 shares of the company’s 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 approximately $8,553,584. The disclosure for this sale can be found here. Insiders sold a total of 45,462 shares of company stock worth $3,716,739 over the last 90 days. 9.59% of the stock is currently owned by company insiders.

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.