Tidewater Inc. (NYSE:TDW) Receives $93.00 Average PT from Brokerages

Shares of Tidewater Inc. (NYSE:TDW) have earned an average recommendation of “Buy” from the five ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $93.00.

TDW has been the topic of a number of recent analyst reports. Johnson Rice initiated coverage on Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 price target on the stock. BTIG Research boosted their target price on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Pickering Energy Partners initiated coverage on Tidewater in a report on Tuesday, January 30th. They issued an “outperform” rating for the company. Finally, Evercore ISI increased their target price on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th.

Insiders Place Their Bets

In other Tidewater news, COO David E. Darling sold 17,821 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total transaction of $1,462,747.68. Following the transaction, the chief operating officer now directly owns 85,959 shares of the company’s stock, valued at $7,055,514.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Samuel R. Rubio sold 19,641 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the sale, the chief financial officer now directly owns 98,036 shares of the company’s stock, valued at $7,976,208.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO David E. Darling sold 17,821 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total transaction of $1,462,747.68. Following the completion of the sale, the chief operating officer now owns 85,959 shares of the company’s stock, valued at approximately $7,055,514.72. The disclosure for this sale can be found here. Insiders have sold 45,462 shares of company stock valued at $3,716,739 over the last three months. 9.59% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tidewater

Hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its stake in shares of Tidewater by 71.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 156 shares during the period. Parkside Financial Bank & Trust bought a new stake in shares of Tidewater in the fourth quarter valued at about $33,000. Tower Research Capital LLC TRC lifted its stake in shares of Tidewater by 36.0% in the first quarter. Tower Research Capital LLC TRC now owns 1,021 shares of the oil and gas company’s stock valued at $45,000 after buying an additional 270 shares during the period. Ensign Peak Advisors Inc bought a new stake in shares of Tidewater in the third quarter valued at about $51,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of Tidewater in the third quarter valued at about $71,000. Institutional investors own 95.13% of the company’s stock.

Tidewater Stock Performance

TDW opened at $92.22 on Friday. The business’s 50 day moving average is $83.10 and its 200-day moving average is $71.93. The stock has a market cap of $4.82 billion, a PE ratio of 50.39 and a beta of 1.20. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61. Tidewater has a twelve month low of $39.41 and a twelve month high of $101.10.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.03). The business had revenue of $302.66 million for the quarter, compared to the consensus estimate of $309.46 million. Tidewater had a net margin of 9.62% and a return on equity of 13.37%. The business’s quarterly revenue was up 62.1% on a year-over-year basis. During the same period last year, the firm posted $0.30 EPS. On average, analysts predict that Tidewater will post 4.94 earnings per share for the current year.

Tidewater declared that its board has approved a stock buyback program on Thursday, February 29th that allows the company to buyback $48.60 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 1.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.