Bank of New York Mellon Corp Makes New $24.84 Million Investment in Tidewater Inc. $TDW

Key Points

• Bank of New York Mellon initiated a $24.84 million Tidewater position, buying 372,838 shares, while institutional investors collectively own 95.13% of the company.
• Tidewater EVP Samuel R. Rubio sold 17,705 shares for approximately $1.62 million; insiders now own 5.90% of the stock.
• Tidewater reported quarterly revenue of $342.29 million, exceeding estimates, but EPS of $0.43 fell short of expectations. Analysts maintain a consensus “Hold” rating with an average $91 price target, versus a recent share price of $92.65.

Bank of New York Mellon Corp purchased a new position in shares of Tidewater Inc. (NYSE:TDW - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 372,838 shares of the oil and gas company's stock, valued at approximately $24,842,000. Bank of New York Mellon Corp owned approximately 0.75% of Tidewater as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Tidewater by 4.7% in the 4th quarter. State Street Corp now owns 1,901,880 shares of the oil and gas company's stock worth $96,064,000 after purchasing an additional 85,697 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Tidewater by 4.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,838,769 shares of the oil and gas company's stock worth $153,623,000 after acquiring an additional 86,084 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Tidewater by 104.3% in the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company's stock worth $57,730,000 after acquiring an additional 583,607 shares in the last quarter. Hosking Partners LLP grew its stake in shares of Tidewater by 11.3% in the 4th quarter. Hosking Partners LLP now owns 650,785 shares of the oil and gas company's stock worth $32,871,000 after acquiring an additional 65,875 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Tidewater by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 557,282 shares of the oil and gas company's stock valued at $28,148,000 after purchasing an additional 12,874 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Buying and Selling at Tidewater

In other news, EVP Samuel R. Rubio sold 17,705 shares of Tidewater stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the completion of the sale, the executive vice president owned 33,214 shares in the company, valued at approximately $3,041,073.84. This trade represents a 34.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.90% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TDW shares. Weiss Ratings lowered shares of Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 28th. Barclays lifted their price objective on Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Pickering Energy Partners raised shares of Tidewater from an "underperform" rating to a "neutral" rating in a report on Thursday, June 11th. Zacks Research lowered shares of Tidewater from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Finally, Fearnley Fonds upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $91.00.

Tidewater Stock Up 0.0%

Shares of NYSE:TDW opened at $92.65 on Monday. 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 Inc. has a one year low of $46.65 and a one year high of $97.50. The company has a market cap of $4.61 billion, a price-to-earnings ratio of 18.76 and a beta of 0.53. The firm has a fifty day moving average price of $78.94 and a two-hundred day moving average price of $78.97.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business had revenue of $342.29 million for the quarter, compared to the consensus estimate of $329.97 million. During the same period in the prior year, the business posted $1.46 EPS. Tidewater's quarterly revenue was up .3% on a year-over-year basis. Analysts anticipate that Tidewater Inc. will post 3.08 EPS for the current fiscal year.

Tidewater Company Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company's fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.

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