Victory Capital Management Inc. Boosts Stock Position in Tidewater Inc. (NYSE:TDW)

Key Points

• Victory Capital Management Inc. increased its holdings in Tidewater Inc. by 22.5% during the first quarter, now owning approximately 0.11% of the company worth around $2.37 million.
• Insider activities include Director Robert Robotti purchasing 15,000 shares for $630,750 while EVP Daniel A. Hudson sold 5,000 shares, indicating active management participation.
• Tidewater Inc. recently outperformed earnings expectations with reported earnings of $0.83 per share, surpassing the consensus estimate of $0.59.

Victory Capital Management Inc. lifted its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 22.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 55,995 shares of the oil and gas company's stock after buying an additional 10,301 shares during the quarter. Victory Capital Management Inc. owned approximately 0.11% of Tidewater worth $2,367,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Bogart Wealth LLC purchased a new position in Tidewater during the 1st quarter worth $30,000. Signaturefd LLC increased its holdings in Tidewater by 33.3% during the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after purchasing an additional 282 shares during the period. Headlands Technologies LLC purchased a new position in Tidewater during the 4th quarter worth $53,000. Covestor Ltd increased its holdings in Tidewater by 54.9% during the 4th quarter. Covestor Ltd now owns 1,819 shares of the oil and gas company's stock worth $100,000 after purchasing an additional 645 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in Tidewater during the 4th quarter worth $109,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Tidewater Stock Down 0.3%

TDW stock traded down $0.18 on Tuesday, hitting $52.76. 683,236 shares of the company's stock were exchanged, compared to its average volume of 743,106. Tidewater Inc. has a 12-month low of $31.17 and a 12-month high of $100.18. The firm has a 50 day moving average price of $46.34 and a two-hundred day moving average price of $45.14. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.00 and a current ratio of 2.07. The stock has a market cap of $2.61 billion, a P/E ratio of 15.79 and a beta of 1.08.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings results on Friday, May 9th. The oil and gas company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.24. Tidewater had a return on equity of 15.97% and a net margin of 12.98%. During the same quarter in the previous year, the company posted $0.89 earnings per share. The company's revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TDW shares. BTIG Research downgraded Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Raymond James Financial cut their price target on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $69.33.

Insider Activity

In other Tidewater 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, with a total value of $630,750.00. Following the acquisition, the director owned 2,234,957 shares of the company's stock, valued at $93,979,941.85. This trade represents a 0.68% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Daniel A. Hudson sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $50.02, for a total value of $250,100.00. Following the completion of the transaction, the executive vice president directly owned 85,986 shares of the company's stock, valued at $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 three months, insiders bought 25,560 shares of company stock valued at $1,074,858. 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.