Salem Investment Counselors Inc. Invests $254,000 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 its most recent filing with the Securities & Exchange Commission. The firm bought 6,014 shares of the oil and gas company's stock, valued at approximately $254,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AlphaQuest LLC lifted its position in Tidewater by 177.4% in the 4th quarter. AlphaQuest LLC now owns 799 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 511 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Tidewater in the fourth quarter valued at approximately $53,000. EverSource Wealth Advisors LLC increased 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 purchasing an additional 333 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of Tidewater by 2,018.3% during the fourth quarter. Venturi Wealth Management LLC now owns 1,271 shares of the oil and gas company's stock valued at $70,000 after buying an additional 1,211 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in shares of Tidewater by 336.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,588 shares of the oil and gas company's stock worth $87,000 after buying an additional 1,224 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

Insider Activity

In other Tidewater news, Director Robert Robotti purchased 10,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was bought at an average cost of $42.14 per share, with a total value of $421,400.00. Following the acquisition, the director now owns 2,219,957 shares of the company's stock, valued at $93,548,987.98. The trade was a 0.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last ninety days, insiders have bought 25,560 shares of company stock worth $1,074,858. 8.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Raymond James Financial decreased their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $69.33.

Tidewater Price Performance

TDW traded down $0.34 on Tuesday, reaching $47.16. The company had a trading volume of 685,154 shares, compared to its average volume of 1,082,037. The company has a market capitalization of $2.33 billion, a P/E ratio of 14.12 and a beta of 1.07. The company has a current ratio of 2.07, a quick ratio of 2.00 and a debt-to-equity ratio of 0.50. The company has a fifty day moving average of $39.81 and a 200-day moving average of $45.76. 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 posted its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, beating 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 in the previous year, the firm earned $0.89 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current 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.