Tidewater Inc. $TDW Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Tidewater stake by 148.4% in the first quarter, acquiring 147,679 additional shares for a total holding of 247,218 shares valued at approximately $20.7 million. Institutional investors collectively own 95.13% of the company.
• Analyst sentiment remains mixed, with Tidewater carrying a consensus “Hold” rating and an average price target of $91.00. Recent actions included a Barclays price-target increase to $91 and upgrades from Pickering Energy Partners and Fearnley Fonds.
• Tidewater shares opened at $94.11, near their 12-month high of $95.32. In its latest quarter, the company reported revenue of $342.29 million, ahead of estimates, but earnings of $0.43 per share missed consensus by $0.03.

Bank of America Corp DE raised its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 148.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 247,218 shares of the oil and gas company's stock after purchasing an additional 147,679 shares during the quarter. Bank of America Corp DE owned about 0.50% of Tidewater worth $20,655,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Blue Trust Inc. acquired a new position in Tidewater during the 1st quarter worth approximately $26,000. Clearstead Advisors LLC raised its stake in shares of Tidewater by 22.2% during the fourth quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 158 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Tidewater by 701.6% during the second quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company's stock worth $46,000 after purchasing an additional 870 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Tidewater during the second quarter worth $47,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Tidewater in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 95.13% of the company's stock.

Analyst Upgrades and Downgrades

TDW has been the topic of several analyst reports. Weiss Ratings downgraded shares of Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 28th. Barclays upped their price objective on shares of Tidewater from $86.00 to $91.00 and gave the company an "equal weight" rating in a research report on Thursday, August 13th. Pickering Energy Partners raised Tidewater from an "underperform" rating to a "neutral" rating in a research report on Thursday, June 11th. Fearnley Fonds upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 5th. Finally, Zacks Research cut Tidewater from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Tidewater presently has an average rating of "Hold" and a consensus price target of $91.00.

Insider Buying and Selling

In other Tidewater news, EVP Samuel R. Rubio sold 17,705 shares of Tidewater stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the sale, the executive vice president owned 33,214 shares of the company's stock, valued at $3,041,073.84. The trade was a 34.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.90% of the stock is currently owned by corporate insiders.

Tidewater Trading Up 0.1%

NYSE:TDW opened at $94.11 on Wednesday. The business has a 50 day simple moving average of $75.34 and a 200 day simple moving average of $77.37. The firm has a market capitalization of $4.68 billion, a P/E ratio of 19.05 and a beta of 0.53. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47. Tidewater Inc. has a 12-month low of $46.65 and a 12-month high of $95.32.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.03). The firm had revenue of $342.29 million during the quarter, compared to analyst estimates of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. Tidewater's revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.46 EPS. Equities research analysts predict that Tidewater Inc. will post 3.08 EPS for the current year.

Tidewater Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company's fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.

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