Victory Capital Management Inc. Raises 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. grew its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 22.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 55,995 shares of the oil and gas company's stock after acquiring an additional 10,301 shares during the quarter. Victory Capital Management Inc. owned about 0.11% of Tidewater worth $2,367,000 as of its most recent SEC filing.

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

Tidewater Stock Performance

Shares of TDW stock traded down $2.00 during mid-day trading on Friday, reaching $48.01. The stock had a trading volume of 400,711 shares, compared to its average volume of 1,058,091. The firm's 50 day simple moving average is $47.02 and its 200 day simple moving average is $45.20. The company has a quick ratio of 2.00, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. Tidewater Inc. has a one year low of $31.17 and a one year high of $91.76. The firm has a market cap of $2.38 billion, a PE ratio of 14.38 and a beta of 1.08.

Tidewater (NYSE:TDW - Get Free Report) last posted its earnings results 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 return on equity of 15.97% and a net margin of 12.98%. The company's revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.89 earnings per share. On average, analysts forecast that Tidewater Inc. will post 3.25 EPS for the current year.

Insider Buying and Selling at Tidewater

In related news, Director Robert Robotti purchased 15,000 shares of Tidewater stock in a transaction on Wednesday, June 4th. The shares were purchased at an average price of $42.05 per share, for a total transaction of $630,750.00. Following the transaction, the director owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Daniel A. Hudson sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were 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 approximately $4,301,019.72. This represents a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have purchased 25,560 shares of company stock worth $1,074,858. 8.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. 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 for the company in a research note on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Tidewater has a consensus rating of "Hold" and a consensus target price of $69.33.

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.