Fifth Third Bancorp Purchases 52,931 Shares of Tidewater Inc. $TDW

Key Points

• Fifth Third Bancorp dramatically increased its Tidewater stake in the first quarter, buying 52,931 additional shares and lifting its holdings to 53,277 shares worth about $4.45 million.
• Institutional ownership in Tidewater remains very high at 95.13%, with several other hedge funds and asset managers also boosting their positions in recent filings.
• Analyst sentiment is mixed: Tidewater’s average rating is Hold with a consensus price target of $89.33, while the stock recently traded at $75.81 after the company posted weaker-than-expected earnings.

Fifth Third Bancorp raised its position in Tidewater Inc. (NYSE:TDW - Free Report) by 15,298.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,277 shares of the oil and gas company's stock after purchasing an additional 52,931 shares during the quarter. Fifth Third Bancorp owned 0.11% of Tidewater worth $4,451,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp lifted its stake in 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 valued at $96,064,000 after acquiring an additional 85,697 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Tidewater by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,752,685 shares of the oil and gas company's stock worth $88,529,000 after purchasing an additional 215,145 shares in the last quarter. Cerity Partners LLC lifted its position in shares of Tidewater by 104.3% in the fourth quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company's stock worth $57,730,000 after purchasing an additional 583,607 shares in the last quarter. Hosking Partners LLP boosted its holdings in Tidewater by 11.3% during the fourth quarter. Hosking Partners LLP now owns 650,785 shares of the oil and gas company's stock worth $32,871,000 after purchasing an additional 65,875 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Tidewater by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 557,282 shares of the oil and gas company's stock worth $28,148,000 after purchasing an additional 12,874 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on TDW shares. Pickering Energy Partners upgraded shares of Tidewater from an "underperform" rating to a "neutral" rating in a research note on Thursday, June 11th. Barclays increased their price objective on shares of Tidewater from $80.00 to $86.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 7th. Weiss Ratings raised Tidewater from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, July 10th. Fearnley Fonds upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a report on Friday, June 5th. Finally, Zacks Research cut Tidewater from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Tidewater presently has an average rating of "Hold" and an average price target of $89.33.

Tidewater Price Performance

NYSE:TDW opened at $75.81 on Friday. The company has a quick ratio of 3.22, a current ratio of 3.33 and a debt-to-equity ratio of 0.48. The stock's 50 day moving average price is $73.69 and its two-hundred day moving average price is $73.27. The firm has a market capitalization of $3.77 billion, a price-to-earnings ratio of 12.70 and a beta of 0.53. Tidewater Inc. has a 12-month low of $46.65 and a 12-month high of $93.13.

Tidewater (NYSE:TDW - Get Free Report) last issued its earnings results on Monday, May 4th. The oil and gas company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.63). The business had revenue of $326.22 million for the quarter, compared to the consensus estimate of $322.83 million. Tidewater had a return on equity of 8.79% and a net margin of 22.16%.The business's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.83 earnings per share. On average, analysts anticipate that Tidewater Inc. will post 3.52 earnings per share for the current year.

Tidewater 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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