Citigroup Inc. Sells 15,019 Shares of Tidewater Inc. (NYSE:TDW)

Citigroup Inc. reduced its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 88.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,888 shares of the oil and gas company's stock after selling 15,019 shares during the period. Citigroup Inc.'s holdings in Tidewater were worth $134,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its position in shares of Tidewater by 5.3% during the second quarter. Ameritas Investment Partners Inc. now owns 3,926 shares of the oil and gas company's stock worth $218,000 after purchasing an additional 199 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Tidewater by 36.0% during the first quarter. Tower Research Capital LLC TRC now owns 1,021 shares of the oil and gas company's stock worth $45,000 after purchasing an additional 270 shares in the last quarter. Mariner LLC increased its stake in shares of Tidewater by 6.9% in the third quarter. Mariner LLC now owns 5,794 shares of the oil and gas company's stock worth $412,000 after buying an additional 374 shares during the last quarter. MetLife Investment Management LLC increased its stake in shares of Tidewater by 1.7% in the second quarter. MetLife Investment Management LLC now owns 24,813 shares of the oil and gas company's stock worth $1,376,000 after buying an additional 421 shares during the last quarter. Finally, Perigon Wealth Management LLC increased its stake in shares of Tidewater by 6.5% in the third quarter. Perigon Wealth Management LLC now owns 8,201 shares of the oil and gas company's stock worth $583,000 after buying an additional 503 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Samuel R. Rubio sold 19,641 shares of the company's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now owns 98,036 shares of the company's stock, valued at $7,976,208.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tidewater news, COO David E. Darling sold 17,821 shares of the company's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total value of $1,462,747.68. Following the completion of the sale, the chief operating officer now directly owns 85,959 shares of the company's stock, valued at approximately $7,055,514.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Samuel R. Rubio sold 19,641 shares of the company's stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total transaction of $1,597,991.76. Following the completion of the sale, the chief financial officer now directly owns 98,036 shares of the company's stock, valued at $7,976,208.96. The disclosure for this sale can be found here. Insiders sold 45,462 shares of company stock valued at $3,716,739 over the last 90 days. 9.59% of the stock is currently owned by company insiders.

Tidewater Stock Performance

Shares of TDW traded down $0.20 during midday trading on Friday, hitting $92.00. 908,229 shares of the stock traded hands, compared to its average volume of 1,039,147. Tidewater Inc. has a 1-year low of $39.41 and a 1-year high of $93.15. The firm has a market capitalization of $4.81 billion, a PE ratio of 50.27 and a beta of 1.17. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.70 and a current ratio of 1.80. The business's 50 day moving average price is $76.66 and its two-hundred day moving average price is $69.52.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.03). The firm had revenue of $302.66 million for the quarter, compared to analyst estimates of $309.46 million. Tidewater had a net margin of 9.62% and a return on equity of 13.37%. The business's revenue was up 62.1% compared to the same quarter last year. During the same period last year, the firm posted $0.30 EPS. Equities research analysts predict that Tidewater Inc. will post 4.94 EPS for the current fiscal year.

Tidewater announced that its Board of Directors has authorized a share buyback plan on Thursday, February 29th that allows the company to repurchase $48.60 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 1.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TDW. Johnson Rice began coverage on shares of Tidewater in a research note on Friday, February 9th. They issued a "buy" rating and a $88.00 price target for the company. Pickering Energy Partners began coverage on shares of Tidewater in a research note on Tuesday, January 30th. They issued an "outperform" rating for the company. BTIG Research boosted their target price on shares of Tidewater from $90.00 to $110.00 and gave the company a "buy" rating in a research note on Tuesday, March 19th. StockNews.com upgraded shares of Tidewater from a "sell" rating to a "hold" rating in a research note on Monday, March 4th. Finally, Evercore ISI boosted their target price on shares of Tidewater from $87.00 to $89.00 and gave the company an "outperform" rating in a research note on Monday, March 4th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $93.00.

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.