Royal Bank of Canada Sells 16,641 Shares of Tidewater Inc. $TDW

Key Points

• Royal Bank of Canada cut its Tidewater stake by 90.4%, selling 16,641 shares and retaining 1,763 shares valued at approximately $147,000. Institutional investors collectively own 95.13% of Tidewater.
• Analyst sentiment is mixed but leans toward Hold: Tidewater has one Strong Buy, two Buy and six Hold ratings, with a consensus price target of $91.00.
• Tidewater shares opened at $92.65, near the upper end of their 12-month range, while the company’s latest quarterly results showed $0.43 EPS versus $0.46 expected and revenue of $342.29 million, above estimates.

Royal Bank of Canada cut its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 90.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,763 shares of the oil and gas company's stock after selling 16,641 shares during the period. Royal Bank of Canada's holdings in Tidewater were worth $147,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TDW. Blue Trust Inc. acquired a new stake in Tidewater in the 1st quarter valued at $26,000. Longview Financial Advisors Inc. acquired a new position in shares of Tidewater during the 1st quarter worth about $54,000. Parallel Advisors LLC grew its holdings in shares of Tidewater by 37.3% in the 1st quarter. Parallel Advisors LLC now owns 766 shares of the oil and gas company's stock valued at $64,000 after acquiring an additional 208 shares in the last quarter. Clearstead Advisors LLC increased its position in shares of Tidewater by 22.2% in the fourth quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company's stock valued at $44,000 after acquiring an additional 158 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of Tidewater by 701.6% in the second quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company's stock valued at $46,000 after acquiring an additional 870 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company's stock.

Wall Street Analysts Forecast Growth

TDW has been the subject of several recent research reports. Zacks Research cut Tidewater from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Pickering Energy Partners upgraded Tidewater from an "underperform" rating to a "neutral" rating in a research note on Thursday, June 11th. Fearnley Fonds raised Tidewater from a "hold" rating to a "strong-buy" rating in a report on Friday, June 5th. Weiss Ratings cut shares of Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 28th. Finally, Barclays boosted their target price on shares of Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Tidewater presently has an average rating of "Hold" and a consensus target price of $91.00.

Insiders Place Their Bets

In other Tidewater news, EVP Samuel R. Rubio sold 17,705 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was 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 of the company's stock, valued at $3,041,073.84. This trade represents a 34.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.90% of the company's stock.

Tidewater Price Performance

Shares of NYSE TDW opened at $92.65 on Monday. The business's 50 day moving average price is $78.94 and its two-hundred day moving average price is $78.97. The company has a market cap of $4.61 billion, a PE ratio of 18.76 and a beta of 0.53. The company has a quick ratio of 3.47, a current ratio of 3.58 and a debt-to-equity ratio of 0.47. Tidewater Inc. has a twelve month low of $46.65 and a twelve month high of $97.50.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.46 by ($0.03). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business had revenue of $342.29 million during the quarter, compared to analyst estimates of $329.97 million. During the same period in the previous year, the business earned $1.46 earnings per share. The business's quarterly revenue was up .3% on a year-over-year basis. On average, analysts predict 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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