Tidewater (NYSE:TDW) Stock Price Down 4.4% - Here's Why

Tidewater Inc. (NYSE:TDW - Get Free Report)'s share price dropped 4.4% during mid-day trading on Monday . The company traded as low as $50.20 and last traded at $50.29. Approximately 261,600 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 1,054,223 shares. The stock had previously closed at $52.61.

Analyst Ratings Changes

TDW has been the subject of a number of research analyst reports. BTIG Research cut shares of Tidewater from a "buy" rating to a "neutral" rating in a report on Monday. Raymond James Financial dropped their target price on shares of Tidewater from $76.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Four equities 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, the company currently has an average rating of "Hold" and an average target price of $69.33.

Tidewater Stock Performance

The company has a current ratio of 2.07, a quick ratio of 2.00 and a debt-to-equity ratio of 0.50. The stock's 50 day moving average price is $44.44 and its two-hundred day moving average price is $45.56. The firm has a market capitalization of $2.50 billion, a PE ratio of 15.10 and a beta of 1.08.

Tidewater (NYSE:TDW - Get Free Report) last issued its quarterly earnings data on Friday, May 9th. The oil and gas company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.24. Tidewater had a net margin of 12.98% and a return on equity of 15.97%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.89 earnings per share. On average, equities analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current year.

Insider Activity at Tidewater

In other news, Director Robert Robotti bought 15,000 shares of the stock in a transaction on Wednesday, June 4th. The stock was purchased at an average cost of $42.05 per share, with a total value of $630,750.00. Following the purchase, the director owned 2,234,957 shares of the company's stock, valued at approximately $93,979,941.85. The trade was a 0.68% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Daniel A. Hudson sold 5,000 shares of Tidewater stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $50.02, for a total transaction of $250,100.00. Following the completion of the sale, the executive vice president directly owned 85,986 shares of the company's stock, valued at $4,301,019.72. The trade was a 5.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired a total of 25,560 shares of company stock valued at $1,074,858 over the last ninety days. 8.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tidewater

Hedge funds have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in shares of Tidewater in the 4th quarter valued at $4,347,000. GAMMA Investing LLC boosted its holdings in shares of Tidewater by 477.5% in the 1st quarter. GAMMA Investing LLC now owns 2,668 shares of the oil and gas company's stock valued at $113,000 after purchasing an additional 2,206 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Tidewater by 94,555.6% in the 1st quarter. Farther Finance Advisors LLC now owns 8,519 shares of the oil and gas company's stock valued at $366,000 after purchasing an additional 8,510 shares during the last quarter. Spire Wealth Management boosted its holdings in shares of 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 last quarter. Finally, Norges Bank acquired a new position in shares of Tidewater in the 4th quarter valued at $32,388,000. Institutional investors and hedge funds own 95.13% of the company's stock.

About Tidewater

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.