Tidewater (NYSE:TDW) Announces Quarterly Earnings Results, Misses Estimates By $0.37 EPS

Key Points

• Tidewater reported quarterly EPS of $0.35, missing the $0.72 consensus estimate by $0.37. Revenue was $360.42 million, slightly above the $358.77 million estimate.
• Shares rose 1.3% to $70.97 during Monday trading, despite trading below their 50-day and 200-day moving averages.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $98.25; insiders sold 42,705 shares worth about $4.1 million over the past 90 days.

Tidewater (NYSE:TDW - Get Free Report) announced its quarterly earnings data on Monday. The oil and gas company reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.37), FiscalAI reports. The firm had revenue of $360.42 million during the quarter, compared to the consensus estimate of $358.77 million. Tidewater had a return on equity of 5.36% and a net margin of 18.34%.

Tidewater Stock Up 1.3%

Shares of TDW stock traded up $0.92 during mid-day trading on Monday, hitting $70.97. 824,335 shares of the stock traded hands, compared to its average volume of 738,004. The stock has a market cap of $3.53 billion, a P/E ratio of 14.37 and a beta of 0.63. The stock's fifty day moving average is $85.34 and its two-hundred day moving average is $79.53. Tidewater has a 52-week low of $49.54 and a 52-week high of $101.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47.

Insider Transactions at Tidewater

In other news, Director Kenneth Traub sold 10,000 shares of Tidewater stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $99.00, for a total value of $990,000.00. Following the transaction, the director 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Daniel Hudson sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the transaction, the executive vice president owned 33,029 shares of the company's stock, valued at approximately $3,272,513.32. This trade represents a 31.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 42,705 shares of company stock valued at $4,097,270 in the last 90 days. Insiders own 5.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on TDW shares. Barclays upped their target price on Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Weiss Ratings lowered Tidewater from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, November 4th. Finally, BTIG Research restated a "buy" rating and set a $120.00 price target on shares of Tidewater in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $98.25.

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.

Founded in 1956, Tidewater has grown into an international vessel operator, serving offshore markets across regions including the Americas, Africa, the Middle East, Europe and Asia-Pacific.

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