Tidewater (NYSE:TDW) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Tidewater (NYSE:TDW) from a hold rating to a strong sell rating in a research report report published on Thursday,Zacks reports.

Several other analysts have also recently issued reports on the company. Barclays increased their price objective on Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. BTIG Research reissued a “buy” rating and set a $120.00 target price on shares of Tidewater in a research note on Friday, October 9th. Finally, Weiss Ratings downgraded Tidewater from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $109.33.

Tidewater Stock Up 1.9%

Tidewater stock traded up $1.51 during mid-day trading on Thursday, reaching $79.37. 370,141 shares of the company’s stock were exchanged, compared to its average volume of 710,355. The company has a market cap of $3.94 billion, a P/E ratio of 14.95 and a beta of 0.63. Tidewater has a twelve month low of $49.54 and a twelve month high of $101.57. The company has a quick ratio of 3.47, a current ratio of 2.23 and a debt-to-equity ratio of 0.57. The company has a fifty day moving average of $83.41 and a 200-day moving average of $79.92.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Monday, November 9th. The oil and gas company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.37). The business had revenue of $360.42 million during the quarter, compared to analysts’ expectations of $358.71 million. Tidewater had a net margin of 19.42% and a return on equity of 4.47%. The business’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.02) EPS. Sell-side analysts expect that Tidewater will post 2.09 EPS for the current year.

Insider Activity at Tidewater

In related news, EVP Daniel Hudson sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $99.08, for a total value of $1,486,200.00. Following the sale, the executive vice president owned 33,029 shares of the company’s stock, valued at $3,272,513.32. This trade represents a 31.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Traub sold 10,000 shares of Tidewater stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.00, for a total transaction of $990,000.00. Following the completion of the transaction, the director owned 63,521 shares of the company’s stock, valued at $6,288,579. This represents a 13.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tidewater

Several institutional investors have recently modified their holdings of TDW. Salomon & Ludwin LLC grew its stake in shares of Tidewater by 35.9% in the 3rd quarter. Salomon & Ludwin LLC now owns 492 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 130 shares during the last quarter. Kendall Capital Management increased its holdings in shares of Tidewater by 0.9% in the third quarter. Kendall Capital Management now owns 16,220 shares of the oil and gas company’s stock valued at $1,315,000 after purchasing an additional 140 shares during the period. Baron Wealth Management LLC raised its stake in shares of Tidewater by 4.5% during the second quarter. Baron Wealth Management LLC now owns 3,286 shares of the oil and gas company’s stock worth $219,000 after purchasing an additional 141 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Tidewater by 3.1% during the third quarter. Steward Partners Investment Advisory LLC now owns 5,321 shares of the oil and gas company’s stock worth $432,000 after purchasing an additional 160 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Tidewater by 5.8% during the second quarter. GAMMA Investing LLC now owns 3,015 shares of the oil and gas company’s stock worth $201,000 after purchasing an additional 164 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

About Tidewater

Tidewater Inc. provides offshore support vessels and related marine services to the energy industry. Its vessels transport personnel, equipment and supplies between shore bases and offshore facilities, and support activities such as anchor handling, towing, platform operations and offshore construction. The company operates a diverse fleet that includes platform supply vessels, anchor-handling tug supply vessels, crew boats and other specialized vessels. These services help customers carry out offshore exploration, development and production, as well as certain renewable-energy and subsea projects.