Tidewater Inc. (NYSE:TDW) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 67.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,877 shares of the oil and gas company's stock after selling 64,896 shares during the period. Bank of America Corp DE owned approximately 0.06% of Tidewater worth $1,744,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TDW. Raymond James Financial Inc. purchased a new stake in Tidewater during the fourth quarter worth about $4,347,000. Barclays PLC boosted its holdings in Tidewater by 354.2% in the third quarter. Barclays PLC now owns 78,848 shares of the oil and gas company's stock valued at $5,661,000 after purchasing an additional 61,487 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Tidewater by 4.1% in the fourth quarter. Principal Financial Group Inc. now owns 276,113 shares of the oil and gas company's stock valued at $15,106,000 after buying an additional 10,795 shares during the last quarter. Norges Bank purchased a new stake in Tidewater in the fourth quarter valued at approximately $32,388,000. Finally, Bleakley Financial Group LLC purchased a new stake in Tidewater in the fourth quarter valued at approximately $368,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Tidewater Stock Performance

TDW traded up $0.06 during trading on Thursday, reaching $42.16. The company's stock had a trading volume of 776,541 shares, compared to its average volume of 1,091,159. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $108.44. The company's fifty day moving average price is $38.22 and its 200-day moving average price is $46.09. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 12.40 and a beta of 1.00. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.24. Tidewater had a return on equity of 18.16% and a net margin of 13.92%. During the same period last year, the firm posted $0.89 EPS. Tidewater's quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities analysts forecast that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Insider Transactions at Tidewater

In related news, Director Robert Robotti acquired 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The stock was purchased at an average cost of $42.14 per share, for a total transaction of $421,400.00. Following the transaction, the director now directly owns 2,219,957 shares of the company's stock, valued at approximately $93,548,987.98. This trade represents a 0.45% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 50,560 shares of company stock valued at $2,077,608 in the last quarter. 8.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Raymond James lowered their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $69.33.

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.