Fulcrum Asset Management LLP Cuts Position in Tidewater Inc. $TDW

Key Points

• Fulcrum Asset Management cut its Tidewater stake by 42% in the fourth quarter, selling 25,109 shares and ending with 34,740 shares valued at about $1.76 million.
• Tidewater reported much weaker-than-expected earnings for the latest quarter, posting $0.12 EPS versus the $0.75 consensus estimate, even though revenue of $326.22 million slightly topped expectations.
• Despite the earnings miss, the stock has drawn mixed Wall Street views: analysts now have an average Hold rating with a consensus price target of $89.33, while insiders also sold shares in recent months.

Fulcrum Asset Management LLP lessened its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 42.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,740 shares of the oil and gas company's stock after selling 25,109 shares during the period. Fulcrum Asset Management LLP owned approximately 0.07% of Tidewater worth $1,763,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Tejara Capital Ltd boosted its stake in shares of Tidewater by 127.6% in the 4th quarter. Tejara Capital Ltd now owns 44,600 shares of the oil and gas company's stock worth $2,253,000 after buying an additional 25,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in shares of Tidewater by 0.8% in the 4th quarter. Pinnacle Associates Ltd. now owns 122,543 shares of the oil and gas company's stock worth $6,190,000 after buying an additional 1,018 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Tidewater by 1.9% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,579 shares of the oil and gas company's stock worth $534,000 after buying an additional 200 shares during the last quarter. Empire Life Investments Inc. boosted its stake in shares of Tidewater by 0.3% in the 4th quarter. Empire Life Investments Inc. now owns 380,175 shares of the oil and gas company's stock worth $19,203,000 after buying an additional 989 shares during the last quarter. Finally, Valeo Financial Advisors LLC purchased a new position in shares of Tidewater in the 4th quarter worth approximately $346,000. Hedge funds and other institutional investors own 95.13% of the company's stock.

Tidewater Price Performance

Tidewater stock opened at $81.72 on Friday. Tidewater Inc. has a 12 month low of $38.24 and a 12 month high of $93.13. The company has a current ratio of 3.33, a quick ratio of 3.22 and a debt-to-equity ratio of 0.48. The business's 50 day simple moving average is $82.16 and its 200 day simple moving average is $67.17. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 13.69 and a beta of 0.57.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data 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). Tidewater had a net margin of 22.16% and a return on equity of 8.79%. The firm had revenue of $326.22 million during the quarter, compared to analysts' expectations of $322.83 million. During the same quarter in the previous year, the company posted $0.83 EPS. Tidewater's revenue for the quarter was down 2.2% on a year-over-year basis. Sell-side analysts forecast that Tidewater Inc. will post 3.52 EPS for the current year.

Insiders Place Their Bets

In other Tidewater news, EVP Daniel A. Hudson sold 5,195 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.56, for a total transaction of $418,509.20. Following the sale, the executive vice president owned 45,971 shares of the company's stock, valued at $3,703,423.76. The trade was a 10.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Samuel R. Rubio sold 22,461 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.05, for a total transaction of $1,798,003.05. Following the sale, the executive vice president directly owned 60,066 shares in the company, valued at $4,808,283.30. The trade was a 27.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 42,656 shares of company stock worth $3,379,012 in the last three months. Insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on TDW shares. Zacks Research upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Dawson James reiterated an "outperform" rating on shares of Tidewater in a research note on Tuesday, March 3rd. Raymond James Financial set a $117.00 price objective on Tidewater in a research note on Tuesday, March 3rd. Finally, Barclays upped their price objective on Tidewater from $80.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $89.33.

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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