Progeny 3 Inc. Raises Stock Holdings in Tidewater Inc. (NYSE:TDW)

Progeny 3 Inc. increased its position in Tidewater Inc. (NYSE:TDW - Free Report) by 13.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 344,639 shares of the oil and gas company's stock after purchasing an additional 40,400 shares during the quarter. Tidewater makes up about 1.5% of Progeny 3 Inc.'s portfolio, making the stock its 23rd biggest position. Progeny 3 Inc. owned approximately 0.66% of Tidewater worth $18,855,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of TDW. Pacer Advisors Inc. grew its stake in Tidewater by 42,719.6% in the fourth quarter. Pacer Advisors Inc. now owns 1,394,207 shares of the oil and gas company's stock worth $76,277,000 after purchasing an additional 1,390,951 shares in the last quarter. Norges Bank bought a new stake in Tidewater during the 4th quarter valued at $32,388,000. Price T Rowe Associates Inc. MD boosted its position in Tidewater by 20.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company's stock valued at $126,180,000 after acquiring an additional 390,814 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Tidewater by 22.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company's stock valued at $84,888,000 after acquiring an additional 286,097 shares in the last quarter. Finally, Encompass Capital Advisors LLC boosted its position in Tidewater by 17.7% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company's stock valued at $86,569,000 after acquiring an additional 238,170 shares in the last quarter. Institutional investors own 95.13% of the company's stock.

Analysts Set New Price Targets

Separately, Raymond James 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Tidewater has an average rating of "Hold" and a consensus target price of $69.33.

Tidewater Stock Down 0.1%

Shares of TDW traded down $0.06 during midday trading on Friday, hitting $41.86. 616,854 shares of the company's stock traded hands, compared to its average volume of 1,092,751. Tidewater Inc. has a 1 year low of $31.17 and a 1 year high of $110.06. The firm's fifty day moving average is $38.67 and its 200-day moving average is $47.55. The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 12.31 and a beta of 1.00.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.59 by $0.24. Tidewater had a return on equity of 18.16% and a net margin of 13.92%. During the same quarter last year, the firm posted $0.89 earnings per share. The business's revenue for the quarter was up 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current year.

Insider Activity

In other news, Director Robert Robotti bought 1,770 shares of Tidewater stock in a transaction that occurred on Wednesday, March 5th. The stock was bought at an average price of $40.95 per share, for a total transaction of $72,481.50. Following the purchase, the director now directly owns 2,183,670 shares of the company's stock, valued at approximately $89,421,286.50. The trade was a 0.08% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.33% of the company's stock.

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.