Kenneth Traub Sells 10,000 Shares of Tidewater (NYSE:TDW) Stock

Key Points

• Director Kenneth Traub sold 10,000 Tidewater shares at an average price of $99, generating $990,000 and reducing his direct holdings by 13.6% to 63,521 shares.
• Tidewater shares fell 6.0% to $94.61 during Thursday trading, although the stock remains near its 52-week high of $101.57.
• The company’s latest quarterly earnings missed analyst expectations, while analysts maintain a “Moderate Buy” consensus with an average price target of $98.25; institutional investors own 95.13% of the stock.

Tidewater Inc. (NYSE:TDW - Get Free Report) Director Kenneth Traub sold 10,000 shares of the company's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $99.00, for a total value of $990,000.00. Following the transaction, the director directly owned 63,521 shares in the company, valued at $6,288,579. This trade represents a 13.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Tidewater Trading Down 6.0%

Shares of NYSE TDW traded down $6.00 during mid-day trading on Thursday, hitting $94.61. The company's stock had a trading volume of 868,310 shares, compared to its average volume of 602,102. Tidewater Inc. has a one year low of $46.65 and a one year high of $101.57. The company's fifty day simple moving average is $81.38 and its 200-day simple moving average is $79.73. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.58 and a quick ratio of 3.47. The stock has a market cap of $4.71 billion, a price-to-earnings ratio of 19.15 and a beta of 0.56.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share for the quarter, missing analysts' consensus estimates of $0.46 by ($0.03). Tidewater had a return on equity of 5.36% and a net margin of 18.34%.The business had revenue of $342.29 million for the quarter, compared to the consensus estimate of $329.97 million. During the same period last year, the firm earned $1.46 earnings per share. The company's quarterly revenue was up .3% on a year-over-year basis. On average, sell-side analysts anticipate that Tidewater Inc. will post 3.08 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on TDW shares. Pickering Energy Partners upgraded Tidewater from an "underperform" rating to a "neutral" rating in a research report on Thursday, June 11th. Zacks Research downgraded Tidewater from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Barclays increased their target price on Tidewater from $86.00 to $91.00 and gave the company an "equal weight" rating in a research note on Thursday, August 13th. BTIG Research upgraded Tidewater from a "neutral" rating to a "buy" rating and set a $120.00 target price for the company in a research report on Tuesday. 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, three have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $98.25.

Hedge Funds Weigh In On Tidewater

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Tidewater during the 2nd quarter worth $503,200,000. Robotti Robert acquired a new position in Tidewater in the second quarter valued at about $193,652,000. State Street Corp grew its stake in Tidewater by 4.7% in the fourth quarter. State Street Corp now owns 1,901,880 shares of the oil and gas company's stock valued at $96,064,000 after acquiring an additional 85,697 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Tidewater by 4.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,838,769 shares of the oil and gas company's stock worth $153,623,000 after acquiring an additional 86,084 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Tidewater by 11.1% during the second quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company's stock worth $98,333,000 after purchasing an additional 147,189 shares during the period. Institutional investors and hedge funds own 95.13% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.