Tidewater (NYSE:TDW) Stock Price Down 5% - Here's Why

Key Points

• Tidewater shares fell about 5% on Thursday, trading as low as $70.74 amid lighter-than-average volume, after closing the prior day at $73.86.
• Analysts remain mixed on the stock: recent moves included upgrades from Pickering Energy Partners and Fearnley Fonds, but the overall consensus is still Hold with an average price target of $89.33.
• The company’s latest earnings missed expectations, with EPS of $0.12 versus $0.75 expected, even though revenue of $326.22 million slightly topped estimates. Tidewater also has strong liquidity and low leverage, with a current ratio of 3.33 and debt-to-equity ratio of 0.48.

Tidewater Inc. (NYSE:TDW - Get Free Report) was down 5% during trading on Thursday . The company traded as low as $70.74 and last traded at $70.1460. 117,519 shares were traded during trading, a decline of 86% from the average daily volume of 811,538 shares. The stock had previously closed at $73.86.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Pickering Energy Partners upgraded shares of Tidewater from an "underperform" rating to a "neutral" rating in a report on Thursday, June 11th. Barclays boosted their target price on shares of Tidewater from $80.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Fearnley Fonds raised shares of Tidewater from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 5th. Weiss Ratings lowered shares of Tidewater from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, June 24th. Finally, Zacks Research cut shares of Tidewater from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, Tidewater currently has an average rating of "Hold" and an average price target of $89.33.

Tidewater Stock Down 3.9%

The company has a current ratio of 3.33, a quick ratio of 3.22 and a debt-to-equity ratio of 0.48. The firm has a market cap of $3.53 billion, a P/E ratio of 11.91 and a beta of 0.53. The stock's fifty day moving average is $75.14 and its two-hundred day moving average is $72.28.

Tidewater (NYSE:TDW - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.63). Tidewater had a return on equity of 8.79% and a net margin of 22.16%.The firm had revenue of $326.22 million during the quarter, compared to the consensus estimate of $322.83 million. During the same period in the previous year, the company posted $0.83 EPS. The company's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, research analysts anticipate that Tidewater Inc. will post 3.52 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Inspire Investing LLC grew its stake in shares of Tidewater by 1.2% during the first quarter. Inspire Investing LLC now owns 11,332 shares of the oil and gas company's stock valued at $947,000 after buying an additional 131 shares during the last quarter. Baron Wealth Management LLC lifted its stake in shares of Tidewater by 4.5% in the 2nd quarter. Baron Wealth Management LLC now owns 3,286 shares of the oil and gas company's stock valued at $219,000 after acquiring an additional 141 shares during the last quarter. Lido Advisors LLC lifted its stake in shares of Tidewater by 2.8% in the 4th quarter. Lido Advisors LLC now owns 5,509 shares of the oil and gas company's stock valued at $290,000 after acquiring an additional 149 shares during the last quarter. Clearstead Advisors LLC boosted its holdings in Tidewater by 22.2% during the 4th quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company's stock valued at $44,000 after acquiring an additional 158 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Tidewater by 5.8% during the 2nd quarter. GAMMA Investing LLC now owns 3,015 shares of the oil and gas company's stock valued at $201,000 after acquiring an additional 164 shares during the period. 95.13% of the stock is owned by hedge funds and other 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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