Pacer Advisors Inc. Sells 941,650 Shares of Tidewater Inc. (NYSE:TDW)

Key Points

• Pacer Advisors Inc. significantly reduced its holdings in Tidewater Inc., selling 941,650 shares and trimming its position by 67.5%, leaving it with 452,557 shares valued at approximately $19.13 million.
• Institutional investors now own 95.13% of Tidewater's stocks, with major increases from firms like Vanguard Group and Dimensional Fund Advisors during the fourth quarter.
• Tidewater's shares recently peaked at $51.89, with a market cap of $2.57 billion and a projected EPS of 3.25 for the current year, despite facing a downgrade from BTIG Research.

Pacer Advisors Inc. lessened its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 67.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 452,557 shares of the oil and gas company's stock after selling 941,650 shares during the period. Pacer Advisors Inc. owned 0.89% of Tidewater worth $19,130,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TDW. Bogart Wealth LLC bought a new stake in Tidewater during the 1st quarter valued at $30,000. Headlands Technologies LLC bought a new stake in Tidewater during the 4th quarter valued at $53,000. Signaturefd LLC increased its stake in Tidewater by 33.3% during the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock valued at $48,000 after purchasing an additional 282 shares in the last quarter. Covestor Ltd increased its stake in Tidewater by 54.9% during the 4th quarter. Covestor Ltd now owns 1,819 shares of the oil and gas company's stock valued at $100,000 after purchasing an additional 645 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in Tidewater during the 4th quarter valued at $109,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TDW. Raymond James Financial decreased their price target on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, May 7th. BTIG Research lowered shares of Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $69.33.

Tidewater Stock Down 2.5%

Shares of NYSE TDW traded down $1.33 during trading on Wednesday, hitting $51.23. The stock had a trading volume of 333,325 shares, compared to its average volume of 1,055,321. Tidewater Inc. has a 12 month low of $31.17 and a 12 month high of $100.18. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.07 and a quick ratio of 2.00. The company has a market capitalization of $2.54 billion, a PE ratio of 15.27 and a beta of 1.08. The firm has a fifty day moving average of $46.34 and a two-hundred day moving average of $45.14.

Tidewater (NYSE:TDW - Get Free Report) last posted its earnings results on Friday, May 9th. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate 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 last year, the business posted $0.89 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research analysts forecast that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Insider Buying and Selling at Tidewater

In related news, Director Robert Robotti purchased 15,000 shares of Tidewater stock in a transaction that occurred on Wednesday, June 4th. The stock was bought at an average price of $42.05 per share, for a total transaction of $630,750.00. Following the completion of the transaction, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. This represents a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Daniel A. Hudson sold 5,000 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $50.02, for a total transaction of $250,100.00. Following the transaction, the executive vice president owned 85,986 shares of the company's stock, valued at approximately $4,301,019.72. The trade was a 5.50% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders bought 25,560 shares of company stock valued at $1,074,858. Company insiders own 8.33% of the company's stock.

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.