Van ECK Associates Corp Cuts Stake in Tidewater Inc. $TDW

Key Points

• Van ECK Associates reduced its Tidewater stake by 11.3% in the second quarter, selling 97,291 shares and retaining 764,490 shares valued at approximately $50.9 million. Institutional investors collectively own 95.13% of the company.
• Analyst sentiment remains mixed, with Tidewater carrying an average “Hold” rating and a consensus price target of $91.00. Ratings range from Strong Buy to Hold.
• Tidewater’s latest quarterly results slightly missed earnings expectations, reporting $0.43 EPS versus the $0.46 estimate, while revenue of $342.29 million exceeded forecasts. Shares opened at $92.65 and trade near their 12-month high of $97.50.

Van ECK Associates Corp reduced its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 11.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 764,490 shares of the oil and gas company's stock after selling 97,291 shares during the period. Van ECK Associates Corp owned about 1.54% of Tidewater worth $50,938,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Tidewater in the 2nd quarter valued at $503,200,000. Robotti Robert purchased a new position in Tidewater in the 2nd quarter worth $193,652,000. Cerity Partners LLC raised its position in Tidewater by 104.3% in the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company's stock worth $57,730,000 after purchasing an additional 583,607 shares during the period. Bank of America Corp DE bought a new stake in Tidewater in the second quarter worth $28,293,000. Finally, Old West Investment Management LLC purchased a new stake in Tidewater during the second quarter valued at about $26,238,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TDW. Zacks Research downgraded Tidewater from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Pickering Energy Partners upgraded Tidewater from an "underperform" rating to a "neutral" rating in a research report on Thursday, June 11th. Barclays lifted their price target on Tidewater from $86.00 to $91.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Weiss Ratings downgraded Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 28th. Finally, Fearnley Fonds raised Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Tidewater currently has an average rating of "Hold" and an average price target of $91.00.

Insider Buying and Selling at Tidewater

In other news, EVP Samuel R. Rubio sold 17,705 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly owned 33,214 shares of the company's stock, valued at approximately $3,041,073.84. The trade was a 34.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.90% of the company's stock.

Tidewater Stock Performance

Shares of NYSE:TDW opened at $92.65 on Friday. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $78.94 and a 200-day moving average price of $78.89. The company has a market cap of $4.61 billion, a price-to-earnings ratio of 18.76 and a beta of 0.53. Tidewater Inc. has a 12 month low of $46.65 and a 12 month high of $97.50.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.46 by ($0.03). The business had revenue of $342.29 million for the quarter, compared to analysts' expectations of $329.97 million. Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. As a group, equities analysts anticipate 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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