Salem Investment Counselors Inc. Takes $254,000 Position in Tidewater Inc. (NYSE:TDW)

Salem Investment Counselors Inc. bought a new stake in Tidewater Inc. (NYSE:TDW - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,014 shares of the oil and gas company's stock, valued at approximately $254,000.

Several other institutional investors also recently added to or reduced their stakes in TDW. EverSource Wealth Advisors LLC lifted its stake in shares of Tidewater by 45.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,065 shares of the oil and gas company's stock valued at $58,000 after buying an additional 333 shares during the period. Private Advisor Group LLC increased its stake in Tidewater by 9.5% in the fourth quarter. Private Advisor Group LLC now owns 5,315 shares of the oil and gas company's stock valued at $291,000 after acquiring an additional 463 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Tidewater by 13.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,154 shares of the oil and gas company's stock valued at $227,000 after purchasing an additional 479 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Tidewater by 0.9% during the fourth quarter. Russell Investments Group Ltd. now owns 55,202 shares of the oil and gas company's stock valued at $3,020,000 after acquiring an additional 496 shares during the period. Finally, AlphaQuest LLC increased its position in shares of Tidewater by 177.4% during the 4th quarter. AlphaQuest LLC now owns 799 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 511 shares in the last quarter. 95.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Tidewater news, Director Robert Robotti bought 15,000 shares of the stock in a transaction dated Wednesday, June 4th. The shares were bought at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the purchase, the director now directly owns 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This trade represents a 0.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired 25,560 shares of company stock worth $1,074,858 in the last quarter. Insiders own 8.33% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Raymond James reduced their price target on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Tidewater currently has an average rating of "Hold" and a consensus price target of $69.33.

Tidewater Price Performance

Shares of Tidewater stock traded up $0.12 on Friday, reaching $48.34. 780,345 shares of the stock were exchanged, compared to its average volume of 1,085,412. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29. The firm has a market cap of $2.39 billion, a PE ratio of 14.22 and a beta of 1.07. The firm's 50 day moving average is $39.30 and its 200-day moving average is $45.84. Tidewater Inc. has a one year low of $31.17 and a one year high of $108.44.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.24. Tidewater had a net margin of 13.92% and a return on equity of 18.16%. During the same period last year, the firm posted $0.89 earnings per share. The company's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

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.