Tidewater Inc. $TDW Stock Sold by Fort Washington Investment Advisors Inc. OH

Key Points

• Fort Washington Investment Advisors cut its Tidewater stake by 27.7% in the third quarter, selling 189,323 shares and retaining 494,382 shares worth approximately $40.1 million. Institutional investors collectively own 95.13% of TDW.
• Tidewater shares opened at $82.60, down 5.0%, with the stock trading between a 52-week low of $46.65 and high of $101.57. The company’s latest quarterly results included $0.43 in EPS, below expectations, while revenue of $342.29 million exceeded estimates.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $98.25; BTIG Research recently maintained a Buy rating with a $120 target. Meanwhile, insiders sold 42,705 shares worth about $4.1 million over the past three months.

Fort Washington Investment Advisors Inc. OH lessened its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 27.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 494,382 shares of the oil and gas company's stock after selling 189,323 shares during the period. Fort Washington Investment Advisors Inc. OH owned approximately 0.99% of Tidewater worth $40,094,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TDW. GAMMA Investing LLC raised its stake in Tidewater by 7.3% during the third quarter. GAMMA Investing LLC now owns 3,236 shares of the oil and gas company's stock worth $262,000 after acquiring an additional 221 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Tidewater by 5.6% during the third quarter. Farther Finance Advisors LLC now owns 37,992 shares of the oil and gas company's stock valued at $3,081,000 after acquiring an additional 2,029 shares during the period. Versant Capital Management Inc boosted its stake in shares of Tidewater by 142.6% in the 3rd quarter. Versant Capital Management Inc now owns 740 shares of the oil and gas company's stock valued at $60,000 after purchasing an additional 435 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Tidewater by 26.1% in the 2nd quarter. Tidal Investments LLC now owns 14,114 shares of the oil and gas company's stock valued at $940,000 after purchasing an additional 2,923 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Tidewater in the 2nd quarter valued at $74,000. Institutional investors own 95.13% of the company's stock.

Tidewater Stock Down 5.0%

NYSE:TDW opened at $82.60 on Thursday. The stock has a 50-day simple moving average of $89.17 and a 200 day simple moving average of $81.74. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. The company has a market cap of $4.11 billion, a PE ratio of 16.72 and a beta of 0.60. Tidewater Inc. has a 52-week low of $46.65 and a 52-week high of $101.57.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings data 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). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The company had revenue of $342.29 million during the quarter, compared to analyst estimates of $329.97 million. During the same period in the previous year, the company posted $1.46 EPS. The company's quarterly revenue was up .3% compared to the same quarter last year. On average, sell-side analysts expect that Tidewater Inc. will post 3.08 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Tidewater from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday. BTIG Research reissued a "buy" rating and set a $120.00 price target on shares of Tidewater in a report on Friday, October 9th. Finally, Barclays boosted their target price on Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.25.

Insider Buying and Selling at Tidewater

In other Tidewater news, EVP Samuel Rubio sold 17,705 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total value of $1,621,069.80. Following the sale, the executive vice president owned 33,214 shares in the company, valued at $3,041,073.84. This trade represents a 34.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Daniel Hudson sold 15,000 shares of Tidewater stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the transaction, the executive vice president owned 33,029 shares in the company, valued at approximately $3,272,513.32. This trade represents a 31.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 42,705 shares of company stock worth $4,097,270 over the last three months. Corporate insiders own 5.90% of the company's stock.

About Tidewater

Tidewater Inc is a global provider of offshore marine support services to the energy industry. The company operates a fleet of offshore support vessels that transport personnel, equipment and supplies to offshore facilities and assist with marine logistics, construction, maintenance and other activities.

Its vessel portfolio includes platform supply vessels, anchor-handling tug supply vessels, fast support vessels and other specialized ships designed for offshore operations. Tidewater serves customers involved in offshore oil and gas development, as well as selected activities associated with offshore wind and other marine energy projects.

Founded in 1955, Tidewater is headquartered in Houston, Texas, and serves offshore markets across regions including the Americas, Europe, the Middle East, Africa and Asia-Pacific.

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