Exchange Traded Concepts LLC Grows Position in Tidewater Inc. (NYSE:TDW)

Exchange Traded Concepts LLC lifted its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 710.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,510 shares of the oil and gas company's stock after acquiring an additional 13,597 shares during the quarter. Exchange Traded Concepts LLC's holdings in Tidewater were worth $656,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TDW. AlphaQuest LLC increased its position in Tidewater by 177.4% during the 4th quarter. AlphaQuest LLC now owns 799 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 511 shares during the period. Headlands Technologies LLC bought a new stake in shares of Tidewater during the 4th quarter valued at about $53,000. EverSource Wealth Advisors LLC increased its position in shares of Tidewater by 45.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,065 shares of the oil and gas company's stock valued at $58,000 after buying an additional 333 shares during the period. Venturi Wealth Management LLC raised its stake in Tidewater by 2,018.3% in the fourth quarter. Venturi Wealth Management LLC now owns 1,271 shares of the oil and gas company's stock worth $70,000 after buying an additional 1,211 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its stake in Tidewater by 336.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,588 shares of the oil and gas company's stock worth $87,000 after buying an additional 1,224 shares in the last quarter. Institutional investors own 95.13% of the company's stock.

Insider Buying and Selling

In other news, Director Robert Robotti acquired 15,000 shares of Tidewater stock in a transaction on Wednesday, June 4th. The stock was acquired at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the purchase, the director now owns 2,234,957 shares in the company, valued at $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased 25,560 shares of company stock worth $1,074,858 in the last 90 days. Insiders own 8.33% of the company's stock.

Wall Street Analyst Weigh In

Separately, Raymond James Financial cut their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $69.33.

Tidewater Stock Up 0.1%

Shares of NYSE:TDW traded up $0.05 during midday trading on Tuesday, reaching $44.87. The company's stock had a trading volume of 856,859 shares, compared to its average volume of 1,048,328. The company has a quick ratio of 2.00, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $40.73 and a 200-day moving average of $45.63. The firm has a market capitalization of $2.22 billion, a P/E ratio of 13.43 and a beta of 1.07. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $108.44.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.24. Tidewater had a net margin of 12.98% and a return on equity of 15.97%. During the same period in the previous year, the firm earned $0.89 EPS. The company's quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current year.

Tidewater Profile

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.