Tidewater (NYSE:TDW) Lowered to "Hold" Rating by Dnb Nor Markets

Key Points

• Tidewater's stock rating was downgraded from "strong-buy" to "hold" by Dnb Nor Markets, reflecting a cautious outlook on its current performance.
• The company has recently set a share repurchase plan of up to $500 million, indicating that the board believes the stock may be undervalued.
• In a recent earnings report, Tidewater surpassed analysts' expectations with an EPS of $1.23, significantly higher than the forecast of $0.28.

Tidewater (NYSE:TDW - Get Free Report) was downgraded by equities researchers at Dnb Nor Markets from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research firms have also recently commented on TDW. Zacks Research cut shares of Tidewater from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Tidewater in a report on Wednesday, October 8th. Fearnley Fonds raised shares of Tidewater to a "hold" rating in a report on Tuesday, September 16th. Evercore ISI increased their target price on shares of Tidewater from $60.00 to $67.00 and gave the stock an "in-line" rating in a report on Wednesday, August 6th. Finally, BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Tidewater presently has a consensus rating of "Hold" and a consensus price target of $69.00.

Tidewater Price Performance

TDW traded up $0.46 on Monday, hitting $47.75. 204,415 shares of the stock were exchanged, compared to its average volume of 991,900. Tidewater has a 12 month low of $31.17 and a 12 month high of $65.76. The business has a 50-day moving average of $55.66 and a two-hundred day moving average of $48.07. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.11 and a quick ratio of 2.04. The firm has a market capitalization of $2.36 billion, a price-to-earnings ratio of 12.37 and a beta of 1.05.

Tidewater (NYSE:TDW - Get Free Report) last posted its earnings results on Monday, August 4th. The oil and gas company reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $0.28 by $0.95. The firm had revenue of $341.43 million during the quarter, compared to analysts' expectations 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 quarter in the prior year, the business earned $0.94 earnings per share. Tidewater has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Tidewater will post 3.25 EPS for the current fiscal year.

Tidewater announced that its board has authorized a share repurchase plan on Monday, August 4th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the oil and gas company to reacquire up to 21.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other Tidewater news, EVP Daniel A. Hudson sold 10,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $57.56, for a total transaction 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 approximately $4,373,754.16. This represents a 11.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 6.60% of the company's stock.

Institutional Trading of Tidewater

Several large investors have recently modified their holdings of TDW. GAMMA Investing LLC grew its position in shares of Tidewater by 477.5% during the 1st quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock worth $113,000 after buying an additional 2,206 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in shares of Tidewater during the 1st quarter worth approximately $569,000. Spire Wealth Management grew its position in Tidewater by 14.3% in the 1st quarter. Spire Wealth Management now owns 3,983 shares of the oil and gas company's stock valued at $168,000 after purchasing an additional 498 shares during the period. Balefire LLC acquired a new stake in Tidewater in the 1st quarter valued at $452,000. Finally, Illinois Municipal Retirement Fund grew its position in 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 during the period. Institutional investors and hedge funds own 95.13% 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.

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