Bank of America Corp DE Makes New Investment in Tidewater Inc. $TDW

Key Points

• Bank of America acquired 424,622 Tidewater shares in the second quarter, worth approximately $28.3 million and representing 0.85% of the company. Institutional investors collectively owned 95.13% of Tidewater’s stock.
• Tidewater reported quarterly revenue of $342.3 million, exceeding estimates, but earnings per share of $0.43 fell short of the $0.46 consensus. Analysts maintain a “Moderate Buy” consensus with an average price target of $98.25.
• Insiders sold 42,705 shares valued at approximately $4.1 million during the latest quarter, while Tidewater shares opened at $87.34 and remain near their 52-week high of $101.57.

Bank of America Corp DE acquired a new stake in Tidewater Inc. (NYSE:TDW - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 424,622 shares of the oil and gas company's stock, valued at approximately $28,293,000. Bank of America Corp DE owned 0.85% of Tidewater at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Tidewater during the second quarter worth approximately $503,200,000. Robotti Robert acquired a new position in shares of Tidewater in the second quarter valued at approximately $193,652,000. Cerity Partners LLC grew its position in shares of Tidewater by 104.3% in the fourth quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company's stock valued at $57,730,000 after purchasing an additional 583,607 shares during the last quarter. Old West Investment Management LLC bought a new position in shares of Tidewater during the second quarter worth approximately $26,238,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Tidewater during the second quarter worth approximately $24,842,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Activity at Tidewater

In other Tidewater news, 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 sale, the executive vice president owned 33,029 shares in the company, valued at $3,272,513.32. This trade represents a 31.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Traub sold 10,000 shares of the business's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $99.00, for a total transaction of $990,000.00. Following the sale, the director directly owned 63,521 shares in the company, valued at approximately $6,288,579. The trade was a 13.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 42,705 shares of company stock valued at $4,097,270 in the last quarter. Insiders own 5.90% of the company's stock.

Tidewater Stock Up 2.1%

NYSE TDW opened at $87.34 on Wednesday. The business has a fifty day moving average price of $86.70 and a two-hundred day moving average price of $80.93. The stock has a market capitalization of $4.35 billion, a PE ratio of 17.68 and a beta of 0.56. Tidewater Inc. has a fifty-two week low of $46.65 and a fifty-two 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.

Tidewater (NYSE:TDW - Get Free Report) last issued its earnings results 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). Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The business had revenue of $342.29 million for the quarter, compared to analyst estimates of $329.97 million. During the same period in the previous year, the firm posted $1.46 EPS. The firm's revenue was up .3% compared to the same quarter last year. Equities analysts expect that Tidewater Inc. will post 3.08 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TDW shares. Pickering Energy Partners upgraded shares of Tidewater from an "underperform" rating to a "neutral" rating in a research note on Thursday, June 11th. Fearnley Fonds upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 5th. Weiss Ratings raised shares of Tidewater from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, September 11th. BTIG Research upgraded shares of Tidewater from a "neutral" rating to a "buy" rating and set a $120.00 target price on the stock in a research report on Tuesday, September 1st. Finally, Barclays raised their target price on shares of Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.25.

Tidewater Company Profile

Tidewater Inc NYSE: TDW is a provider of offshore support services to the global energy industry. The company owns and operates a fleet of offshore support vessels that transport personnel, equipment and supplies, tow and position offshore structures, and support construction, maintenance and other activities at sea.

Its fleet includes platform supply vessels, anchor-handling vessels, crew boats and other specialized vessels used in offshore exploration and production. Tidewater also provides marine logistics and support for offshore wind and other marine infrastructure projects, serving customers involved in both traditional energy and emerging offshore industries.

Founded in 1955, Tidewater began by serving the offshore oil and gas industry in the Gulf of Mexico and expanded internationally as offshore development grew.

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