Tidewater (NYSE:TDW) Sets New 12-Month High on Earnings Beat

Tidewater Inc. (NYSE:TDW)’s stock price reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $104.74 and last traded at $104.16, with a volume of 633770 shares trading hands. The stock had previously closed at $93.89.

The oil and gas company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 9.62% and a return on equity of 13.37%. The business had revenue of $321.20 million for the quarter, compared to analysts’ expectations of $312.05 million. During the same period last year, the business earned $0.23 EPS. The company’s revenue was up 66.3% compared to the same quarter last year.

Tidewater declared that its Board of Directors has initiated a share repurchase 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 an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. BTIG Research boosted their target price on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Evercore ISI boosted their price target on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. Pickering Energy Partners initiated coverage on shares of Tidewater in a research report on Tuesday, January 30th. They issued an “outperform” rating for the company. Johnson Rice assumed coverage on shares of Tidewater in a research note on Friday, February 9th. They issued a “buy” rating and a $88.00 target price for the company. Finally, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $93.00.

Insider Buying and Selling

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

Hedge Funds Weigh In On Tidewater

Several institutional investors and hedge funds have recently modified their holdings of TDW. PNC Financial Services Group Inc. increased its holdings in Tidewater by 71.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 156 shares in the last quarter. Parkside Financial Bank & Trust purchased a new stake in shares of Tidewater during the fourth quarter worth about $33,000. Spire Wealth Management raised its position in shares of Tidewater by 608.4% during the 4th quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company’s stock worth $121,000 after purchasing an additional 1,521 shares during the last quarter. Sage Mountain Advisors LLC purchased a new position in Tidewater in the 1st quarter valued at about $231,000. Finally, Fermata Advisors LLC acquired a new stake in Tidewater in the 1st quarter worth about $253,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Tidewater Trading Up 13.4 %

The company has a fifty day moving average of $88.77 and a 200-day moving average of $73.92. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of 58.20 and a beta of 1.21.

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.