Robert Robotti Sells 170,000 Shares of Tidewater Inc. (NYSE:TDW) Stock

Tidewater Inc. (NYSE:TDW) Director Robert Robotti sold 170,000 shares of Tidewater stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $107.62, for a total transaction of $18,295,400.00. Following the completion of the transaction, the director now owns 2,533,037 shares in the company, valued at $272,605,441.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Robert Robotti also recently made the following trade(s):

• On Friday, May 17th, Robert Robotti sold 58,493 shares of Tidewater stock. The shares were sold at an average price of $105.44, for a total value of $6,167,501.92.
• On Wednesday, May 8th, Robert Robotti sold 1,494 shares of Tidewater stock. The shares were sold at an average price of $107.53, for a total value of $160,649.82.

Tidewater Price Performance

Shares of NYSE TDW opened at $105.50 on Friday. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The company’s 50-day moving average price is $95.33 and its 200 day moving average price is $76.83. Tidewater Inc. has a 52 week low of $42.62 and a 52 week high of $111.42. The stock has a market cap of $5.57 billion, a price-to-earnings ratio of 42.03 and a beta of 1.21.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.40. The firm had revenue of $321.20 million during the quarter, compared to the consensus estimate of $312.05 million. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The company’s quarterly revenue was up 66.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.23 EPS. As a group, research analysts forecast that Tidewater Inc. will post 4.68 earnings per share for the current fiscal year.

Tidewater declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 29th that allows the company to repurchase $48.60 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 1.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Boston Partners grew its position in shares of Tidewater by 32,536.3% in the fourth quarter. Boston Partners now owns 2,080,236 shares of the oil and gas company’s stock valued at $149,928,000 after purchasing an additional 2,073,862 shares during the period. Vanguard Group Inc. increased its stake in shares of Tidewater by 37.9% during the 3rd quarter. Vanguard Group Inc. now owns 3,798,600 shares of the oil and gas company’s stock valued at $269,967,000 after acquiring an additional 1,043,804 shares during the last quarter. FMR LLC lifted its holdings in shares of Tidewater by 1,294.4% during the 3rd quarter. FMR LLC now owns 1,064,896 shares of the oil and gas company’s stock worth $75,682,000 after acquiring an additional 988,528 shares during the period. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new stake in shares of Tidewater in the first quarter worth approximately $34,898,000. Finally, Cerity Partners LLC purchased a new stake in Tidewater in the fourth quarter valued at approximately $25,322,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

TDW has been the subject of several analyst reports. Pickering Energy Partners began coverage on shares of Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating for the company. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Johnson Rice initiated coverage on shares of Tidewater in a research report on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. Evercore ISI boosted their price objective on shares of Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. Finally, BTIG Research upped their target price on shares of Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tidewater currently has a consensus rating of “Buy” and a consensus target price of $98.00.

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.