Tidewater (NYSE:TDW) Lowered to Hold Rating by Zacks Research

Key Points

• Zacks Research has downgraded Tidewater (NYSE:TDW) from a "strong-buy" to a "hold" rating, joining other analysts who have also issued "hold" ratings recently.
• Tidewater has reported impressive quarterly earnings, with an EPS of $1.23, significantly surpassing the consensus estimate of $0.28 and showing a year-over-year revenue increase of 0.6%.
• The company has authorized a share buyback plan allowing for the purchase of up to $500 million in shares, indicating management's belief in the stock's undervaluation.

Tidewater (NYSE:TDW - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

TDW has been the topic of several other research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Tidewater in a research note on Saturday, September 27th. Fearnley Fonds raised shares of Tidewater to a "hold" rating in a report on Tuesday, September 16th. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Finally, Evercore ISI upped their price target 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. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $69.00.

Tidewater Price Performance

Tidewater stock opened at $54.02 on Monday. Tidewater has a 12 month low of $31.17 and a 12 month high of $70.01. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The business's 50 day simple moving average is $56.72 and its 200 day simple moving average is $47.56. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 13.99 and a beta of 1.05.

Tidewater (NYSE:TDW - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and gas company reported $1.23 EPS for the quarter, beating the consensus estimate of $0.28 by $0.95. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The business had revenue of $341.43 million for the quarter, compared to the consensus estimate of $317.28 million. During the same quarter in the prior year, the business earned $0.94 earnings per share. Tidewater's revenue for the quarter was up .6% on a year-over-year basis. Tidewater has set its FY 2025 guidance at EPS. Sell-side analysts forecast that Tidewater will post 3.25 EPS for the current year.

Tidewater declared that its Board of Directors has authorized a share buyback plan on Monday, August 4th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the oil and gas company to buy up to 21.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Tidewater

In related news, EVP Daniel A. Hudson sold 10,000 shares of the firm's 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 $4,373,754.16. This trade represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tidewater

Several institutional investors and hedge funds have recently made changes to their positions in TDW. Northwestern Mutual Wealth Management Co. boosted its holdings in Tidewater by 2,321.4% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 678 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 650 shares during the last quarter. Bogart Wealth LLC purchased a new stake in Tidewater in the first quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Tidewater in the first quarter worth approximately $40,000. Parkside Financial Bank & Trust boosted its holdings in Tidewater by 4,245.0% in the second quarter. Parkside Financial Bank & Trust now owns 869 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 849 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Tidewater by 2,510.5% in the first quarter. Caitong International Asset Management Co. Ltd now owns 992 shares of the oil and gas company's stock worth $42,000 after purchasing an additional 954 shares during the last quarter. Institutional investors 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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