Vanguard Group Inc. Sells 140,654 Shares of Tidewater Inc. $TDW

Key Points

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Vanguard Group Inc. reduced its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,345,632 shares of the oil and gas company's stock after selling 140,654 shares during the period. Vanguard Group Inc. owned 10.51% of Tidewater worth $225,960,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TDW. LPL Financial LLC raised its position in Tidewater by 23.2% during the 4th quarter. LPL Financial LLC now owns 6,944 shares of the oil and gas company's stock worth $380,000 after purchasing an additional 1,309 shares during the last quarter. Bank of Montreal Can raised its position in Tidewater by 12.9% during the 4th quarter. Bank of Montreal Can now owns 5,313 shares of the oil and gas company's stock worth $291,000 after purchasing an additional 608 shares during the last quarter. Raymond James Financial Inc. bought a new position in Tidewater during the 4th quarter worth $4,347,000. Barclays PLC raised its position in shares of Tidewater by 81.8% in the 4th quarter. Barclays PLC now owns 143,374 shares of the oil and gas company's stock worth $7,844,000 after acquiring an additional 64,526 shares in the last quarter. Finally, Mariner LLC raised its position in shares of Tidewater by 152.8% in the 4th quarter. Mariner LLC now owns 22,864 shares of the oil and gas company's stock worth $1,251,000 after acquiring an additional 13,820 shares in the last quarter. 95.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TDW shares. Raymond James Financial lowered their price objective on Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Evercore ISI lifted their price objective on Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday, August 6th. Finally, BTIG Research lowered Tidewater from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Tidewater has a consensus rating of "Hold" and an average target price of $69.00.

Tidewater Stock Performance

Shares of Tidewater stock opened at $58.45 on Tuesday. Tidewater Inc. has a one year low of $31.17 and a one year high of $91.40. The firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 15.14 and a beta of 1.08. The business has a 50-day simple moving average of $50.49 and a 200 day simple moving average of $45.13. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04.

Tidewater (NYSE:TDW - Get Free Report) last issued its earnings results on Monday, August 4th. The oil and gas company reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.95. Tidewater had a return on equity of 16.74% and a net margin of 14.62%. The business had revenue of $341.43 million during the quarter, compared to analyst estimates of $317.28 million. During the same period in the previous year, the company posted $0.94 EPS. The firm's revenue was up .6% compared to the same quarter last year. On average, research analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater declared that its board has initiated a share repurchase plan on Monday, August 4th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the oil and gas company to buy up to 21.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its shares are undervalued.

Insider Transactions at Tidewater

In other news, Director Robert Robotti bought 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was acquired at an average cost of $42.05 per share, with a total value of $630,750.00. Following the transaction, the director directly owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Daniel A. Hudson sold 10,000 shares of Tidewater stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total value of $575,600.00. Following the transaction, the executive vice president owned 75,986 shares of the company's stock, valued at $4,373,754.16. This trade represents a 11.63% decrease in their position. The disclosure for this sale can be found here. Insiders purchased a total of 25,560 shares of company stock valued at $1,074,858 over the last ninety days. 6.60% of the stock is currently owned by corporate insiders.

Tidewater Company Profile

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.

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