Bryce Point Capital LLC Trims Stake in Tidewater Inc. (NYSE:TDW)

Key Points

• Bryce Point Capital LLC reduced its holdings in Tidewater Inc. by 24.7% in the first quarter, now owning 16,804 shares worth approximately $753,000.
• Insider trading activity includes Director Robert Robotti purchasing 15,000 shares at an average price of $42.05, increasing his ownership by 0.68%.
• Tidewater reported a quarterly earnings per share of $0.83, exceeding expectations, with a market cap of $2.57 billion and a consensus target price of $69.33.

Bryce Point Capital LLC lowered its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 24.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,804 shares of the oil and gas company's stock after selling 5,514 shares during the period. Bryce Point Capital LLC's holdings in Tidewater were worth $753,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bogart Wealth LLC bought a new stake in Tidewater during the 1st quarter worth approximately $30,000. Headlands Technologies LLC purchased a new position in Tidewater in the 4th quarter worth approximately $53,000. Signaturefd LLC grew its stake in Tidewater by 33.3% in the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock worth $48,000 after buying an additional 282 shares in the last quarter. Covestor Ltd grew its stake in Tidewater by 54.9% in the 4th quarter. Covestor Ltd now owns 1,819 shares of the oil and gas company's stock worth $100,000 after buying an additional 645 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in Tidewater in the 4th quarter worth approximately $109,000. Institutional investors own 95.13% of the company's stock.

Insider Activity at Tidewater

In other Tidewater news, EVP Daniel A. Hudson sold 5,000 shares of Tidewater stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $50.02, for a total transaction of $250,100.00. Following the transaction, the executive vice president owned 85,986 shares of the company's stock, valued at $4,301,019.72. The trade was a 5.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Robotti bought 15,000 shares of the stock in a transaction dated Wednesday, June 4th. The stock was bought at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the acquisition, the director directly 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 disclosure for this purchase can be found here. Insiders have acquired 25,560 shares of company stock worth $1,074,858 in the last ninety days. Insiders own 8.33% of the company's stock.

Tidewater Trading Down 0.3%

NYSE TDW traded down $0.18 during trading on Tuesday, hitting $52.76. The company had a trading volume of 683,236 shares, compared to its average volume of 743,106. Tidewater Inc. has a one year low of $31.17 and a one year high of $100.18. The company's fifty day moving average is $46.34 and its 200-day moving average is $45.14. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 15.79 and a beta of 1.08. The company has a current ratio of 2.07, a quick ratio of 2.00 and a debt-to-equity ratio of 0.50.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly 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 net margin of 12.98% and a return on equity of 15.97%. The business's revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 EPS. On average, sell-side analysts predict that Tidewater Inc. will post 3.25 earnings per share for the current year.

Analyst Ratings Changes

TDW has been the subject of a number of research reports. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a research note on Monday, July 14th. Raymond James Financial dropped their price target on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average 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.