Swiss National Bank Reduces Stock Holdings in Tidewater Inc. (NYSE:TDW)

Swiss National Bank cut its holdings in Tidewater Inc. (NYSE:TDW) by 7.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 24,900 shares of the oil and gas company’s stock after selling 2,000 shares during the quarter. Swiss National Bank’s holdings in Tidewater were worth $1,796,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TDW. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Tidewater by 71.6% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 39,145 shares of the oil and gas company’s stock valued at $2,823,000 after acquiring an additional 16,338 shares in the last quarter. Cerity Partners LLC purchased a new stake in Tidewater during the 4th quarter worth approximately $25,322,000. FMR LLC increased its stake in 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 valued at $75,682,000 after purchasing an additional 988,528 shares in the last quarter. Must Asset Management Inc. purchased a new position in shares of Tidewater in the third quarter worth $3,588,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Tidewater by 254.2% during the third quarter. Assenagon Asset Management S.A. now owns 136,798 shares of the oil and gas company’s stock worth $9,722,000 after buying an additional 98,173 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

Tidewater Stock Up 0.7 %

Shares of TDW stock opened at $102.80 on Friday. Tidewater Inc. has a twelve month low of $42.62 and a twelve month high of $111.42. The stock has a market cap of $5.42 billion, a P/E ratio of 40.96 and a beta of 1.21. The stock has a 50 day moving average of $97.31 and a 200 day moving average of $78.11. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59.

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

Tidewater announced that its Board of Directors has approved a share 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 typically a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

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

Insider Transactions at Tidewater

In related news, Director Darron M. Anderson sold 1,000 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $103.89, for a total value of $103,890.00. Following the completion of the transaction, the director now owns 40,447 shares of the company’s stock, valued at approximately $4,202,038.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Daniel A. Hudson sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $82.00, for a total value of $656,000.00. Following the transaction, the executive vice president now owns 104,312 shares in the company, valued at $8,553,584. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Darron M. Anderson sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $103.89, for a total value of $103,890.00. Following the sale, the director now owns 40,447 shares of the company’s stock, valued at $4,202,038.83. The disclosure for this sale can be found here. Insiders have sold a total of 567,722 shares of company stock valued at $60,019,454 in the last ninety days. 8.33% of the stock is currently owned by corporate insiders.

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.