Tidewater (NYSE:TDW) Sets New 1-Year High - Here's Why

Key Points

• Tidewater shares reached a new 52-week high, trading as high as $93.23 and last changing hands around $93.63, up from a prior close of $91.52.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating and a $91 target price, despite Barclays raising its target to $91 and Fearnley Fonds upgrading the shares to “strong-buy.”
• In its latest quarter, Tidewater reported $342.29 million in revenue, exceeding expectations, but earnings per share of $0.43 fell short of the $0.46 consensus estimate; institutional investors own 95.13% of the stock.

Tidewater Inc. (NYSE:TDW - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $93.23 and last traded at $93.6340, with a volume of 17531 shares changing hands. The stock had previously closed at $91.52.

Wall Street Analyst Weigh In

TDW has been the subject of several recent research reports. Barclays raised their target price on shares of Tidewater from $86.00 to $91.00 and gave the company an "equal weight" rating in a report on Thursday. Weiss Ratings downgraded Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 28th. Fearnley Fonds raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research note on Friday, June 5th. Pickering Energy Partners raised Tidewater from an "underperform" rating to a "neutral" rating in a research note on Thursday, June 11th. Finally, Zacks Research lowered shares of Tidewater from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $91.00.

Tidewater Stock Performance

The company has a 50 day moving average of $74.09 and a 200 day moving average of $76.69. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 18.93 and a beta of 0.53. The company has a quick ratio of 3.47, a current ratio of 3.58 and a debt-to-equity ratio of 0.47.

Tidewater (NYSE:TDW - Get Free Report) last released its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The business had revenue of $342.29 million for the quarter, compared to analysts' expectations of $329.97 million. During the same quarter last year, the company posted $1.46 earnings per share. The business's quarterly revenue was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Tidewater Inc. will post 3.08 EPS for the current fiscal year.

Hedge Funds Weigh In On Tidewater

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. bought a new position in Tidewater in the first quarter worth about $26,000. Clearstead Advisors LLC lifted its position in Tidewater by 22.2% in the fourth quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 158 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Tidewater by 701.6% in the second quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company's stock valued at $46,000 after buying an additional 870 shares during the period. Headlands Technologies LLC acquired a new stake in Tidewater in the 2nd quarter valued at about $47,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Tidewater during the fourth quarter valued at approximately $53,000. 95.13% of the stock is currently owned by institutional investors.

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.

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