Tidewater (NYSE:TDW) Stock Keeps "Buy" Rating at BTIG Research

Key Points

• BTIG Research reaffirmed its “Buy” rating on Tidewater and maintained a $120 price target, implying approximately 41.7% upside from the prior close.
• Tidewater’s analyst consensus remains “Moderate Buy,” with an average price target of $98.25; the stock opened at $84.68 and has traded between $46.65 and $101.57 over the past year.
• The company reported quarterly revenue of $342.29 million, above estimates, but earnings per share of $0.43 missed expectations of $0.46. Recent insider activity was negative, with executives selling a combined 42,705 shares worth about $4.1 million.

Tidewater (NYSE:TDW - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at BTIG Research in a research note issued on Friday, Benzinga reports. They presently have a $120.00 target price on the oil and gas company's stock. BTIG Research's price objective would suggest a potential upside of 41.70% from the stock's previous close.

A number of other equities analysts also recently issued reports on TDW. Barclays increased their price target on shares of Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Weiss Ratings raised shares of Tidewater from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, September 11th. Finally, Pickering Energy Partners raised Tidewater from an "underperform" rating to a "neutral" rating in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Tidewater has an average rating of "Moderate Buy" and a consensus price target of $98.25.

Tidewater Stock Performance

Shares of TDW stock opened at $84.68 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. Tidewater has a fifty-two week low of $46.65 and a fifty-two week high of $101.57. The stock has a 50 day moving average price of $88.50 and a two-hundred day moving average price of $81.52. The company has a market capitalization of $4.21 billion, a P/E ratio of 17.14 and a beta of 0.60.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.03). The firm had revenue of $342.29 million for the quarter, compared to the consensus estimate of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business's revenue was up .3% on a year-over-year basis. During the same period last year, the company posted $1.46 earnings per share. Analysts expect that Tidewater will post 3.08 earnings per share for the current year.

Insider Transactions at Tidewater

In other news, Director Kenneth Traub sold 10,000 shares of the business'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 directly owned 63,521 shares of the company's stock, valued at $6,288,579. The trade was a 13.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Samuel Rubio sold 17,705 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total value of $1,621,069.80. Following the transaction, the executive vice president owned 33,214 shares of the company's stock, valued at $3,041,073.84. The trade was a 34.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,705 shares of company stock valued at $4,097,270 in the last ninety days. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tidewater

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. bought a new stake in shares of Tidewater during the first quarter valued at approximately $26,000. Public Employees Retirement System of Ohio bought a new stake in shares of Tidewater during the second quarter valued at approximately $27,000. Longview Financial Advisors Inc. bought a new stake in shares of Tidewater during the first quarter valued at approximately $54,000. Versant Capital Management Inc increased its position in shares of Tidewater by 142.6% during the third quarter. Versant Capital Management Inc now owns 740 shares of the oil and gas company's stock valued at $60,000 after acquiring an additional 435 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in shares of Tidewater by 37.3% during the first quarter. Parallel Advisors LLC now owns 766 shares of the oil and gas company's stock valued at $64,000 after acquiring an additional 208 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

About Tidewater

Tidewater Inc is a global provider of offshore marine support services to the energy industry. The company operates a fleet of offshore support vessels that transport personnel, equipment and supplies to offshore facilities and assist with marine logistics, construction, maintenance and other activities.

Its vessel portfolio includes platform supply vessels, anchor-handling tug supply vessels, fast support vessels and other specialized ships designed for offshore operations. Tidewater serves customers involved in offshore oil and gas development, as well as selected activities associated with offshore wind and other marine energy projects.

Founded in 1955, Tidewater is headquartered in Houston, Texas, and serves offshore markets across regions including the Americas, Europe, the Middle East, Africa and Asia-Pacific.