Tidewater (NYSE:TDW) Reaches New 1-Year High – Time to Buy?

Tidewater Inc. (NYSE:TDW) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $88.99 and last traded at $88.8440, with a volume of 24449 shares changing hands. The stock had previously closed at $87.84.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TDW shares. Barclays started coverage on Tidewater in a report on Wednesday, April 1st. They issued an “equal weight” rating and a $80.00 price target on the stock. Zacks Research raised Tidewater from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tidewater in a report on Monday, December 29th. Dawson James reaffirmed an “outperform” rating on shares of Tidewater in a report on Tuesday, March 3rd. Finally, Raymond James Financial set a $117.00 price target on Tidewater in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $87.33.

Tidewater Stock Up 0.5%

The business has a fifty day moving average price of $75.80 and a two-hundred day moving average price of $61.57. The company has a market cap of $4.38 billion, a price-to-earnings ratio of 13.25 and a beta of 0.56. The company has a current ratio of 2.90, a quick ratio of 2.78 and a debt-to-equity ratio of 0.48.

Tidewater (NYSE:TDW) last issued its earnings results on Monday, March 2nd. The oil and gas company reported $4.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $3.64. Tidewater had a net margin of 24.74% and a return on equity of 12.34%. The company had revenue of $336.80 million during the quarter, compared to analyst estimates of $329.39 million. During the same quarter last year, the business posted $0.70 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts predict that Tidewater Inc. will post 3.25 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Samuel R. Rubio sold 22,461 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.05, for a total value of $1,798,003.05. Following the transaction, the executive vice president directly owned 60,066 shares of the company’s stock, valued at approximately $4,808,283.30. This represents a 27.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Daniel A. Hudson sold 15,000 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $77.50, for a total transaction of $1,162,500.00. Following the completion of the transaction, the executive vice president directly owned 50,986 shares in the company, valued at $3,951,415. This trade represents a 22.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 52,656 shares of company stock worth $4,079,112 over the last ninety days. 6.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tidewater

A number of hedge funds have recently modified their holdings of TDW. Blume Capital Management Inc. increased its stake in shares of Tidewater by 128.3% in the third quarter. Blume Capital Management Inc. now owns 525 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 295 shares during the last quarter. Hantz Financial Services Inc. increased its stake in shares of Tidewater by 401.0% in the third quarter. Hantz Financial Services Inc. now owns 516 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 413 shares during the last quarter. Clearstead Advisors LLC boosted its holdings in Tidewater by 22.2% in the fourth quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 158 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Tidewater by 701.6% in the second quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 870 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in Tidewater in the second quarter worth $47,000. 95.13% of the stock is owned by institutional investors and hedge funds.

About Tidewater

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.