Vanguard Group Inc. Cuts Stock Position in Tidewater Inc. $TDW

Key Points

• Vanguard trimmed its Tidewater stake by 0.5% in the fourth quarter, but still held 4.79 million shares valued at about $241.7 million. Vanguard remains Tidewater’s largest institutional holder with 9.66% ownership.
• Analyst sentiment is mixed but cautious: Zacks upgraded Tidewater to a strong-buy, while Barclays raised its price target to $86 and kept an equal-weight rating. Overall, the stock’s consensus rating is still Hold with an average target price of $89.33.
• Tidewater missed earnings expectations in its latest quarter, reporting EPS of $0.12 versus the $0.75 estimate, even though revenue of $326.2 million came in slightly above forecasts. The company also saw notable insider selling and has a solid balance sheet with a current ratio of 3.33 and debt-to-equity ratio of 0.48.

Vanguard Group Inc. lowered its stake in Tidewater Inc. (NYSE:TDW - Free Report) by 0.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,785,489 shares of the oil and gas company's stock after selling 25,037 shares during the period. Vanguard Group Inc. owned 9.66% of Tidewater worth $241,715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. U S Global Investors Inc. purchased a new stake in shares of Tidewater in the 4th quarter worth approximately $178,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Tidewater in the 4th quarter valued at approximately $1,036,000. Greenwood Capital Associates LLC bought a new position in Tidewater in the 4th quarter valued at approximately $431,000. Farther Finance Advisors LLC lifted its position in Tidewater by 18.1% in the 4th quarter. Farther Finance Advisors LLC now owns 28,997 shares of the oil and gas company's stock valued at $1,465,000 after acquiring an additional 4,444 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Tidewater by 50.2% in the 4th quarter. State of Alaska Department of Revenue now owns 34,785 shares of the oil and gas company's stock valued at $1,756,000 after acquiring an additional 11,625 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Wall Street Analyst Weigh In

TDW has been the topic of several analyst reports. Zacks Research raised Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Barclays upped their price objective on Tidewater from $80.00 to $86.00 and gave the company an "equal weight" rating in a research report on Thursday. Dawson James reaffirmed an "outperform" rating on shares of Tidewater in a research report on Tuesday, March 3rd. Finally, Raymond James Financial set a $117.00 price objective on Tidewater in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $89.33.

Tidewater Stock Performance

TDW stock opened at $81.07 on Friday. The stock has a market capitalization of $4.03 billion, a PE ratio of 13.58 and a beta of 0.57. Tidewater Inc. has a 12-month low of $38.24 and a 12-month high of $93.13. The company has a current ratio of 3.33, a quick ratio of 2.78 and a debt-to-equity ratio of 0.48. The stock's 50 day simple moving average is $82.08 and its 200 day simple moving average is $66.03.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.75 by ($0.63). Tidewater had a return on equity of 8.79% and a net margin of 22.16%.The firm had revenue of $326.22 million during the quarter, compared to analysts' expectations of $322.83 million. During the same quarter last year, the business earned $0.83 earnings per share. The business's quarterly revenue was down 2.2% on a year-over-year basis. As a group, research analysts forecast that Tidewater Inc. will post 3.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Daniel A. Hudson sold 5,195 shares of the company's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $80.56, for a total transaction of $418,509.20. Following the completion of the sale, the executive vice president owned 45,971 shares in the company, valued at approximately $3,703,423.76. This represents a 10.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Samuel R. Rubio sold 22,461 shares of the company's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $80.05, for a total value of $1,798,003.05. Following the sale, the executive vice president owned 60,066 shares of the company's stock, valued at approximately $4,808,283.30. This trade represents a 27.22% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 52,656 shares of company stock valued at $4,079,112. 6.60% of the stock is owned by company insiders.

Tidewater Company 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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