Tidewater Inc. $TDW Shares Sold by Hosking Partners LLP

Key Points

• Hosking Partners reduced its Tidewater stake by 16.2%, selling 99,034 shares and retaining 510,577 shares valued at approximately $41.4 million. Institutional investors collectively own 95.13% of the company.
• Analyst sentiment remains positive, with Tidewater carrying a consensus “Moderate Buy” rating and an average price target of $98.25; BTIG maintained a $120 target while Barclays raised its target to $91.
• Tidewater shares opened at $81.37, while recent quarterly results showed revenue of $342.29 million but EPS of $0.43, below the $0.46 consensus estimate. Company insiders have sold 42,705 shares worth about $4.1 million over the past 90 days.

Hosking Partners LLP cut its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 16.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 510,577 shares of the oil and gas company's stock after selling 99,034 shares during the period. Tidewater accounts for approximately 1.4% of Hosking Partners LLP's investment portfolio, making the stock its 26th largest holding. Hosking Partners LLP owned 1.03% of Tidewater worth $41,408,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in TDW. BlackRock Inc. acquired a new position in shares of Tidewater during the second quarter valued at $503,200,000. Robotti Robert acquired a new stake in shares of Tidewater in the 2nd quarter worth about $193,652,000. Dimensional Fund Advisors LP lifted its position in Tidewater by 4.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,838,769 shares of the oil and gas company's stock valued at $153,623,000 after purchasing an additional 86,084 shares during the last quarter. Wellington Management Group LLP lifted its position in Tidewater by 11.1% in the 2nd quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company's stock valued at $98,333,000 after purchasing an additional 147,189 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. lifted its position in Tidewater by 4.3% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 347,913 shares of the oil and gas company's stock valued at $29,068,000 after purchasing an additional 14,254 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. BTIG Research restated a "buy" rating and issued a $120.00 target price on shares of Tidewater in a research report on Friday, October 9th. Weiss Ratings upgraded shares of Tidewater from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, October 12th. Finally, Barclays lifted their price target on Tidewater from $86.00 to $91.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Tidewater has a consensus rating of "Moderate Buy" and an average price target of $98.25.

Insider Buying and Selling

In related news, EVP Daniel A. Hudson sold 15,000 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $99.08, for a total value of $1,486,200.00. Following the completion of the transaction, the executive vice president owned 33,029 shares in the company, valued at $3,272,513.32. This represents a 31.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samuel R. Rubio sold 17,705 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the transaction, the executive vice president directly owned 33,214 shares in the company, valued at approximately $3,041,073.84. The trade was a 34.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 42,705 shares of company stock valued at $4,097,270 over the last 90 days. 5.90% of the stock is currently owned by company insiders.

Tidewater Trading Up 1.0%

Shares of TDW stock opened at $81.37 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. Tidewater Inc. has a 1 year low of $47.26 and a 1 year high of $101.57. The stock has a fifty day moving average of $88.49 and a two-hundred day moving average of $81.63. The firm has a market capitalization of $4.05 billion, a PE ratio of 16.47 and a beta of 0.60.

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

About Tidewater

Tidewater Inc NYSE: TDW is an offshore support vessel operator that provides marine transportation and logistics services to the global energy industry. The company supports offshore exploration, development, production, construction and decommissioning activities, transporting personnel, equipment and supplies between shore bases and offshore installations.

Tidewater operates a diverse fleet of vessels, including platform supply vessels, anchor-handling vessels, fast supply vessels, crew boats, tugboats and vessels used for subsea construction, survey and other specialized offshore work.

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