Insider Selling: Tidewater Inc. (NYSE:TDW) EVP Sells 10,000 Shares of Stock

Key Points

• Tidewater Inc. EVP Daniel A. Hudson sold 10,000 shares at an average price of $57.56, totaling $575,600, which decreased his stock position by 11.63%.
• The company's stock price fell by 3.2% to $61.17, with a trading volume notably lower than its average.
• Tidewater's board has initiated a stock repurchase program to buy back $500 million in shares, suggesting management believes the stock is undervalued.

Tidewater Inc. (NYSE:TDW - Get Free Report) EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $57.56, for a total value of $575,600.00. Following the completion of the sale, the executive vice president owned 75,986 shares of the company's stock, valued at $4,373,754.16. The trade was a 11.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Tidewater Trading Down 0.5%

Shares of TDW traded down $0.26 during mid-day trading on Friday, reaching $56.62. The stock had a trading volume of 281,639 shares, compared to its average volume of 1,085,426. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $91.40. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 14.66 and a beta of 1.08. The business's fifty day moving average is $48.53 and its 200 day moving average is $45.20. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.00.

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

Tidewater announced that its Board of Directors has authorized a share buyback program on Monday, August 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas company to reacquire up to 21.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Tidewater

Hedge funds have recently added to or reduced their stakes in the stock. Bogart Wealth LLC raised its stake in shares of Tidewater by 28.6% during the 2nd quarter. Bogart Wealth LLC now owns 900 shares of the oil and gas company's stock worth $42,000 after buying an additional 200 shares in the last quarter. Covestor Ltd grew its stake in shares of Tidewater by 14.1% during the 1st quarter. Covestor Ltd now owns 2,075 shares of the oil and gas company's stock worth $88,000 after purchasing an additional 256 shares during the period. Signaturefd LLC increased its holdings in shares of Tidewater by 33.3% in the 1st quarter. Signaturefd LLC now owns 1,128 shares of the oil and gas company's stock valued at $48,000 after purchasing an additional 282 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of Tidewater by 1.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 27,448 shares of the oil and gas company's stock valued at $1,160,000 after purchasing an additional 405 shares in the last quarter. Finally, CWM LLC boosted its holdings in Tidewater by 83.6% during the second quarter. CWM LLC now owns 927 shares of the oil and gas company's stock worth $43,000 after buying an additional 422 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TDW has been the subject of several research reports. Evercore ISI upped their price target on shares of Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a research report on Wednesday. Raymond James Financial dropped their target price on Tidewater from $76.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Finally, BTIG Research downgraded Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $69.00.

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.