Insider Selling: Tidewater Inc. (NYSE:TDW) Director Sells 1,494 Shares of Stock

Tidewater Inc. (NYSE:TDW - Get Free Report) Director Robert Robotti sold 1,494 shares of the business's stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $107.53, for a total value of $160,649.82. Following the sale, the director now owns 2,854,100 shares in the company, valued at approximately $306,901,373. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Tidewater Price Performance

Shares of NYSE TDW traded down $2.21 during trading on Friday, hitting $104.76. The company had a trading volume of 803,997 shares, compared to its average volume of 776,043. Tidewater Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $111.42. The company has a quick ratio of 1.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The stock has a fifty day simple moving average of $92.32 and a two-hundred day simple moving average of $75.23. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 41.74 and a beta of 1.21.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, topping analysts' consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm had revenue of $321.20 million for the quarter, compared to analyst estimates of $312.05 million. During the same period in the previous year, the business posted $0.23 earnings per share. Tidewater's quarterly revenue was up 66.3% on a year-over-year basis. On average, research analysts expect that Tidewater Inc. will post 4.94 earnings per share for the current year.

Tidewater announced that its board has approved a share buyback plan on Thursday, February 29th that allows the company to repurchase $48.60 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 1.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TDW. PNC Financial Services Group Inc. increased its stake in shares of Tidewater by 71.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company's stock worth $27,000 after buying an additional 156 shares during the period. Parkside Financial Bank & Trust acquired a new stake in Tidewater during the fourth quarter worth approximately $33,000. Spire Wealth Management boosted its holdings in shares of Tidewater by 608.4% in the 4th quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company's stock valued at $121,000 after buying an additional 1,521 shares in the last quarter. Xponance Inc. acquired a new stake in Tidewater during the 4th quarter worth $204,000. Finally, Private Advisor Group LLC acquired a new position in Tidewater in the fourth quarter valued at $210,000. Hedge funds and other institutional investors own 95.13% of the company's stock.

Analyst Ratings Changes

TDW has been the topic of a number of recent research reports. Johnson Rice initiated coverage on Tidewater in a research note on Friday, February 9th. They issued a "buy" rating and a $88.00 target price on the stock. StockNews.com upgraded Tidewater from a "sell" rating to a "hold" rating in a research report on Monday, March 4th. Evercore ISI lifted their target price on shares of Tidewater from $87.00 to $89.00 and gave the company an "outperform" rating in a report on Monday, March 4th. Pickering Energy Partners assumed coverage on shares of Tidewater in a report on Tuesday, January 30th. They set an "outperform" rating on the stock. Finally, BTIG Research lifted their price objective on shares of Tidewater from $110.00 to $130.00 and gave the company a "buy" rating in a report on Friday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Tidewater has an average rating of "Buy" and a consensus target price of $98.00.

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.

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