BlackRock Inc. Makes New $503.20 Million Investment in Tidewater Inc. $TDW

Key Points

• BlackRock acquired 7.55 million Tidewater shares worth approximately $503.2 million, giving it a 15.18% stake. Institutional investors and hedge funds collectively own 95.13% of the company.
• Tidewater’s shares opened at $92.97, near the 52-week high of $97.50. The stock has an average analyst rating of “Hold” and a consensus price target of $91.
• The company reported quarterly revenue of $342.29 million, exceeding estimates, but adjusted EPS of $0.43 fell short of the $0.46 consensus. Revenue increased slightly year over year, while EPS declined from $1.46 in the prior-year quarter.

BlackRock Inc. bought a new position 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. The fund bought 7,552,159 shares of the oil and gas company's stock, valued at approximately $503,200,000. BlackRock Inc. owned approximately 15.18% of Tidewater at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Tidewater in the fourth quarter valued at about $1,036,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Tidewater during the 4th quarter worth about $1,953,000. Tejara Capital Ltd grew its holdings in Tidewater by 127.6% during the 4th quarter. Tejara Capital Ltd now owns 44,600 shares of the oil and gas company's stock worth $2,253,000 after acquiring an additional 25,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Tidewater by 6.7% in the first quarter. Bank of New York Mellon Corp now owns 323,869 shares of the oil and gas company's stock worth $27,059,000 after acquiring an additional 20,472 shares during the last quarter. Finally, Readystate Asset Management LP bought a new stake in shares of Tidewater during the first quarter valued at approximately $1,662,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tidewater

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

Wall Street Analyst Weigh In

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

Tidewater Stock Performance

NYSE:TDW opened at $92.97 on Tuesday. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. The stock has a market cap of $4.63 billion, a P/E ratio of 18.82 and a beta of 0.53. Tidewater Inc. has a 1-year low of $46.65 and a 1-year high of $97.50. The stock has a 50 day simple moving average of $76.96 and a 200 day simple moving average of $78.25.

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

About Tidewater

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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