Tidewater (NYSE:TDW) Stock Gets Downgrade from Zacks Research

Key Points

• Zacks Research downgraded Tidewater from “hold” to “strong sell.” Despite the downgrade, analysts’ overall consensus remains “Moderate Buy,” with an average price target of $109.33.
• Tidewater reported quarterly EPS of $0.35, below the $0.72 consensus estimate, while revenue of $360.42 million slightly beat forecasts and rose 5.7% year over year.
• Shares traded at $79.37 on Thursday, up $1.51 for the day; the stock’s 52-week range is $49.54 to $101.57.

Tidewater (NYSE:TDW - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Thursday, Zacks reports.

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

Tidewater Stock Performance

TDW traded up $1.51 during trading on Thursday, hitting $79.37. The stock had a trading volume of 370,141 shares, compared to its average volume of 710,355. The firm has a market capitalization of $3.94 billion, a P/E ratio of 14.95 and a beta of 0.63. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.47 and a current ratio of 2.23. Tidewater has a twelve month low of $49.54 and a twelve month high of $101.57. The company's 50-day moving average price is $83.41 and its 200 day moving average price is $79.92.

Tidewater (NYSE:TDW - Get Free Report) last released its 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 firm had revenue of $360.42 million during the quarter, compared to analyst estimates of $358.71 million. Tidewater had a return on equity of 4.47% and a net margin of 19.42%. The firm's revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) EPS. On average, equities research analysts forecast that Tidewater will post 2.09 EPS for the current fiscal year.

Insider Activity at Tidewater

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Marshall Wace LLP boosted its position in shares of Tidewater by 37.3% in the 3rd quarter. Marshall Wace LLP now owns 4,870 shares of the oil and gas company's stock worth $395,000 after buying an additional 1,323 shares in the last quarter. Steward Partners Investment Advisory LLC grew its stake in Tidewater by 3.1% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 5,321 shares of the oil and gas company's stock valued at $432,000 after acquiring an additional 160 shares during the last quarter. First Trust Advisors LP increased its holdings in Tidewater by 136.0% during the 3rd quarter. First Trust Advisors LP now owns 150,072 shares of the oil and gas company's stock valued at $12,171,000 after acquiring an additional 86,489 shares in the last quarter. Private Advisor Group LLC purchased a new position in Tidewater during the 3rd quarter valued at about $500,000. Finally, Voya Investment Management LLC raised its position in Tidewater by 4,620.2% during the third quarter. Voya Investment Management LLC now owns 601,215 shares of the oil and gas company's stock worth $48,759,000 after acquiring an additional 588,478 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

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.

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