Evercore ISI Raises Tidewater (NYSE:TDW) Price Target to $67.00

Key Points

• Evercore ISI has raised its price target for Tidewater (TDW) from $60.00 to $67.00, indicating a potential upside of 6.53% based on recent closing prices.
• The company recently announced a share buyback plan allowing repurchase of up to $500 million in outstanding shares, which typically suggests that the board believes the shares are undervalued.
• Tidewater reported an impressive earnings per share (EPS) of $1.23 for the last quarter, significantly exceeding the consensus estimate of $0.28.

Tidewater (NYSE:TDW - Get Free Report) had its price target hoisted by analysts at Evercore ISI from $60.00 to $67.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "in-line" rating on the oil and gas company's stock. Evercore ISI's price objective would suggest a potential upside of 16.95% from the stock's current price.

TDW has been the subject of several other reports. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Raymond James Financial cut their target price on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Tidewater has a consensus rating of "Hold" and an average price target of $69.00.

Tidewater Price Performance

Shares of NYSE:TDW traded up $0.41 during trading on Wednesday, reaching $57.29. The company had a trading volume of 695,610 shares, compared to its average volume of 1,045,867. The firm's fifty day moving average is $48.88 and its 200 day moving average is $45.21. The firm has a market capitalization of $2.84 billion, a PE ratio of 14.84 and a beta of 1.08. Tidewater has a twelve month low of $31.17 and a twelve month high of $91.40. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.00 and a current ratio of 2.11.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.95. The company had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. Tidewater had a net margin of 14.62% and a return on equity of 16.74%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.94 EPS. On average, equities analysts forecast that Tidewater will post 3.25 EPS for the current year.

Tidewater announced that its board has initiated a share buyback plan on Monday, August 4th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 21.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Robert Robotti purchased 15,000 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were acquired at an average price of $42.05 per share, for a total transaction of $630,750.00. Following the completion of the acquisition, the director directly owned 2,234,957 shares of the company's stock, valued at $93,979,941.85. The trade was a 0.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Daniel A. Hudson sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total transaction of $575,600.00. Following the sale, the executive vice president owned 75,986 shares in the company, valued at $4,373,754.16. This represents a 11.63% decrease in their position. The disclosure for this sale can be found here. Insiders have bought 25,560 shares of company stock worth $1,074,858 in the last 90 days. 8.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tidewater

A number of large investors have recently made changes to their positions in TDW. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Tidewater by 2,321.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 650 shares during the period. Bogart Wealth LLC acquired a new position in Tidewater in the 1st quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Tidewater in the 1st quarter worth approximately $40,000. Parkside Financial Bank & Trust lifted its position in Tidewater by 4,245.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 869 shares of the oil and gas company's stock worth $40,000 after buying an additional 849 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in Tidewater by 2,510.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 992 shares of the oil and gas company's stock worth $42,000 after buying an additional 954 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

About Tidewater

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.