Punch & Associates Investment Management Inc. Makes New $22.81 Million Investment in Tidewater Inc. $TDW

Key Points

• Punch & Associates bought 342,356 Tidewater shares worth approximately $22.81 million in the second quarter, representing about 0.69% of the company and 1.1% of the fund’s portfolio. Institutional investors and hedge funds collectively own 95.13% of Tidewater.
• Executive Vice President Samuel R. Rubio sold 17,705 shares for approximately $1.62 million, reducing his ownership by 34.77%. Analysts have a consensus “Hold” rating and a $91 price target.
• Tidewater shares opened at $88.63 after declining 4%, while the company’s latest quarterly earnings missed estimates slightly: adjusted EPS was $0.43 versus $0.46 expected, though revenue of $342.29 million exceeded forecasts.

Punch & Associates Investment Management Inc. purchased a new position in 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 (SEC). The fund purchased 342,356 shares of the oil and gas company's stock, valued at approximately $22,811,000. Tidewater makes up about 1.1% of Punch & Associates Investment Management Inc.'s portfolio, making the stock its 27th largest holding. Punch & Associates Investment Management Inc. owned about 0.69% of Tidewater as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of TDW. Blue Trust Inc. purchased a new position in Tidewater in the first quarter valued at $26,000. Clearstead Advisors LLC increased its holdings in Tidewater by 22.2% during the 4th quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 158 shares during the period. EverSource Wealth Advisors LLC raised its position in Tidewater by 701.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 870 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Tidewater in the 2nd quarter valued at about $47,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Tidewater in the 4th quarter valued at about $53,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Tidewater

In other news, EVP Samuel R. Rubio sold 17,705 shares of the stock in a transaction dated Wednesday, August 12th. The shares were 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 owned 33,214 shares in the company, valued at approximately $3,041,073.84. This represents a 34.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.90% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on TDW shares. Weiss Ratings lowered shares of Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 28th. Fearnley Fonds upgraded shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 5th. Barclays increased their target price on Tidewater from $86.00 to $91.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Pickering Energy Partners upgraded Tidewater from an "underperform" rating to a "neutral" rating in a research note on Thursday, June 11th. Finally, Zacks Research downgraded Tidewater from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Tidewater has a consensus rating of "Hold" and a consensus price target of $91.00.

Tidewater Stock Down 4.0%

TDW opened at $88.63 on Thursday. Tidewater Inc. has a one year low of $46.65 and a one year high of $97.50. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. The stock has a market capitalization of $4.41 billion, a P/E ratio of 17.94 and a beta of 0.53. The business's 50-day simple moving average is $77.81 and its 200-day simple moving average is $78.60.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.03). The firm had revenue of $342.29 million for the quarter, compared to analyst estimates of $329.97 million. Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The company's quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the firm earned $1.46 EPS. Analysts anticipate that Tidewater Inc. will post 3.08 EPS for the current year.

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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