Naviter Wealth LLC Sells 60,719 Shares of Tidewater Inc. (NYSE:TDW)

Naviter Wealth LLC lowered its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 36.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 106,946 shares of the oil and gas company's stock after selling 60,719 shares during the period. Naviter Wealth LLC owned 0.21% of Tidewater worth $4,648,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. AlphaQuest LLC raised its holdings 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 acquiring an additional 511 shares during the period. Headlands Technologies LLC bought a new position in shares of Tidewater during the fourth quarter worth approximately $53,000. EverSource Wealth Advisors LLC lifted its holdings in Tidewater by 45.5% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,065 shares of the oil and gas company's stock worth $58,000 after purchasing an additional 333 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Tidewater by 336.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,588 shares of the oil and gas company's stock valued at $87,000 after purchasing an additional 1,224 shares during the period. Finally, Covestor Ltd boosted 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 valued at $100,000 after purchasing an additional 645 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

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

Tidewater Stock Performance

Shares of NYSE:TDW traded down $0.14 on Wednesday, reaching $47.56. 1,188,990 shares of the company's stock were exchanged, compared to its average volume of 1,047,976. The company has a fifty day moving average of $42.27 and a 200-day moving average of $45.57. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $108.44. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 14.24 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 issued its quarterly earnings results 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 return on equity of 15.97% and a net margin of 12.98%. The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.89 earnings per share. On average, research analysts predict that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Robotti bought 15,000 shares of Tidewater stock in a transaction dated Wednesday, June 4th. The shares were bought at an average cost of $42.05 per share, with a total value of $630,750.00. Following the acquisition, the director owned 2,234,957 shares in the company, valued at $93,979,941.85. This trade represents a 0.68% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Over the last ninety days, insiders acquired 25,560 shares of company stock valued at $1,074,858. 8.33% of the stock is owned by insiders.

About Tidewater

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.