Tidewater (NYSE:TDW) Trading Down 5% - What's Next?

Key Points

• Tidewater shares fell 5% to about $95.60 in midday trading, with volume well below the stock’s average session volume.
• Analyst sentiment remains moderately positive: Tidewater has a consensus “Moderate Buy” rating and an average price target of $98.25, despite recent upgrades and downgrades.
• The company’s latest quarterly results were mixed, with revenue exceeding estimates but earnings per share missing expectations; institutional investors collectively own 95.13% of the stock.

Tidewater Inc. (NYSE:TDW - Get Free Report) traded down 5% on Thursday . The company traded as low as $97.19 and last traded at $95.6020. Approximately 239,145 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 770,307 shares. The stock had previously closed at $100.61.

Analyst Ratings Changes

TDW has been the subject of several recent research reports. Zacks Research downgraded Tidewater from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. BTIG Research raised shares of Tidewater from a "neutral" rating to a "buy" rating and set a $120.00 target price for the company in a research note on Tuesday. Weiss Ratings downgraded shares of Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 28th. Pickering Energy Partners raised Tidewater from an "underperform" rating to a "neutral" rating in a research note on Thursday, June 11th. Finally, Fearnley Fonds upgraded Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $98.25.

Tidewater Stock Performance

The stock has a market capitalization of $4.71 billion, a PE ratio of 19.17 and a beta of 0.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. The company's 50-day moving average price is $80.80 and its 200 day moving average price is $79.55.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share (EPS) 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 firm had revenue of $342.29 million during the quarter, compared to analysts' expectations of $329.97 million. During the same quarter in the prior year, the firm earned $1.46 EPS. The firm's revenue was up .3% compared to the same quarter last year. On average, equities research analysts expect that Tidewater Inc. will post 3.08 earnings per share for the current fiscal year.

Insider Activity

In other Tidewater news, EVP Samuel R. Rubio sold 17,705 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $91.56, for a total value of $1,621,069.80. Following the sale, the executive vice president owned 33,214 shares of the company's stock, valued at $3,041,073.84. The trade was a 34.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in Tidewater by 22.6% in the 1st quarter. Royal Bank of Canada now owns 23,169 shares of the oil and gas company's stock worth $980,000 after acquiring an additional 4,278 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Tidewater by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,028 shares of the oil and gas company's stock valued at $1,227,000 after acquiring an additional 1,271 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Tidewater by 4.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 44,833 shares of the oil and gas company's stock worth $1,895,000 after purchasing an additional 1,931 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of Tidewater by 4.1% in the 2nd quarter. Cetera Investment Advisers now owns 8,010 shares of the oil and gas company's stock valued at $370,000 after buying an additional 314 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Tidewater by 12.1% in the second quarter. Invesco Ltd. now owns 227,443 shares of the oil and gas company's stock valued at $10,492,000 after acquiring an additional 24,609 shares during the period. Hedge funds and other institutional investors own 95.13% of the company's stock.

About Tidewater

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source