Connor Clark & Lunn Investment Management Ltd. Invests $4.39 Million in Tidewater Inc. $TDW

Key Points

• Connor Clark & Lunn Investment Management bought 65,938 Tidewater shares worth approximately $4.39 million in the second quarter, while institutional investors collectively own 95.13% of the company.
• Tidewater reported quarterly revenue of $342.29 million, exceeding expectations, but earnings of $0.43 per share fell short of the $0.46 consensus estimate. Analysts expect full-year EPS of $3.08.
• TDW recently traded at $93.17, near its 52-week high of $97.50. Analysts maintain a consensus “Hold” rating with a $91 price target, while an executive sold 17,705 shares for about $1.62 million.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tidewater Inc. (NYSE:TDW - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 65,938 shares of the oil and gas company's stock, valued at approximately $4,393,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.13% of Tidewater as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Inspire Investing LLC boosted its holdings in Tidewater by 1.2% in the 1st quarter. Inspire Investing LLC now owns 11,332 shares of the oil and gas company's stock worth $947,000 after buying an additional 131 shares during the last quarter. Baron Wealth Management LLC raised its holdings in shares of Tidewater by 4.5% during the second quarter. Baron Wealth Management LLC now owns 3,286 shares of the oil and gas company's stock valued at $219,000 after acquiring an additional 141 shares during the last quarter. Lido Advisors LLC raised its holdings in shares of Tidewater by 2.8% during the fourth quarter. Lido Advisors LLC now owns 5,509 shares of the oil and gas company's stock valued at $290,000 after acquiring an additional 149 shares during the last quarter. Clearstead Advisors LLC lifted its position in shares of Tidewater by 22.2% in the fourth quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company's stock valued at $44,000 after acquiring an additional 158 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Tidewater by 5.8% in the second quarter. GAMMA Investing LLC now owns 3,015 shares of the oil and gas company's stock valued at $201,000 after acquiring an additional 164 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Price Performance

TDW stock opened at $93.17 on Friday. The business has a fifty day moving average of $78.38 and a two-hundred day moving average of $78.79. The company has a quick ratio of 3.47, a current ratio of 3.58 and a debt-to-equity ratio of 0.47. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 18.86 and a beta of 0.53. Tidewater Inc. has a 52-week low of $46.65 and a 52-week high of $97.50.

Tidewater (NYSE:TDW - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $329.97 million. During the same quarter in the prior year, the firm earned $1.46 EPS. Tidewater's revenue for the quarter was up .3% compared to the same quarter last year. As a group, research analysts anticipate that Tidewater Inc. will post 3.08 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TDW. Barclays boosted their price target 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 lowered Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, July 28th. Zacks Research cut shares of Tidewater from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Pickering Energy Partners raised shares of Tidewater from an "underperform" rating to a "neutral" rating in a report on Thursday, June 11th. Finally, Fearnley Fonds upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tidewater has a consensus rating of "Hold" and a consensus target price of $91.00.

Insider Activity

In related news, EVP Samuel R. Rubio sold 17,705 shares of the firm's 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 directly owned 33,214 shares of the company's stock, valued at approximately $3,041,073.84. This trade represents a 34.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.90% of the company's stock.

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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