Bank of New York Mellon Corp lessened its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 5.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 362,402 shares of the oil and gas company's stock after selling 22,682 shares during the period. Bank of New York Mellon Corp owned 0.70% of Tidewater worth $15,319,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in TDW. Raymond James Financial Inc. purchased a new stake in shares of Tidewater during the 4th quarter worth approximately $4,347,000. GAMMA Investing LLC boosted its stake in shares of Tidewater by 477.5% during the 1st quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock worth $113,000 after acquiring an additional 2,206 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Tidewater by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 283,950 shares of the oil and gas company's stock worth $12,003,000 after acquiring an additional 7,837 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Tidewater by 94,555.6% during the 1st quarter. Farther Finance Advisors LLC now owns 8,519 shares of the oil and gas company's stock worth $366,000 after acquiring an additional 8,510 shares in the last quarter. Finally, Spire Wealth Management boosted its stake in shares of Tidewater by 14.3% during the 1st quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock worth $168,000 after acquiring an additional 498 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.
Tidewater Trading Up 4.7%
Shares of TDW traded up $2.33 during trading hours on Wednesday, hitting $51.65. The stock had a trading volume of 619,149 shares, compared to its average volume of 1,056,358. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.00 and a current ratio of 2.07. The firm has a market cap of $2.56 billion, a P/E ratio of 15.46 and a beta of 1.08. The company's fifty day simple moving average is $45.52 and its 200 day simple moving average is $45.34. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $105.13.
Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.59 by $0.24. Tidewater had a return on equity of 15.97% and a net margin of 12.98%. During the same period last year, the firm earned $0.89 EPS. The firm's quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.
Insider Buying and Selling
In other news, Director Robert Robotti acquired 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was purchased at an average price of $42.05 per share, with a total value of $630,750.00. Following the purchase, the director owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Daniel A. Hudson sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $50.02, for a total transaction of $250,100.00. Following the completion of the sale, the executive vice president owned 85,986 shares in the company, valued at $4,301,019.72. This represents a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders purchased a total of 25,560 shares of company stock valued at $1,074,858 over the last three months. Corporate insiders own 8.33% of the company's stock.
Analyst Ratings Changes
A number of brokerages have weighed in on TDW. Raymond James Financial reduced their price target on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Tidewater currently has an average rating of "Hold" and a consensus target price of $69.33.
Get Our Latest Analysis on TDW
Tidewater Company Profile
(
Free Report)
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.
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