Tidewater (NYSE:TDW) Stock Price Down 4.5%

Tidewater Inc. (NYSE:TDW)’s share price dropped 4.5% during trading on Wednesday . The company traded as low as $73.83 and last traded at $73.91. Approximately 171,448 shares were traded during trading, a decline of 80% from the average daily volume of 859,550 shares. The stock had previously closed at $77.38.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TDW. StockNews.com downgraded shares of Tidewater from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th. Raymond James upped their price target on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $111.25.

Tidewater Price Performance

The company has a market cap of $3.77 billion, a price-to-earnings ratio of 27.93 and a beta of 1.13. The company has a quick ratio of 1.82, a current ratio of 1.90 and a debt-to-equity ratio of 0.56. The company has a fifty day simple moving average of $85.09 and a two-hundred day simple moving average of $92.76.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.22. The firm had revenue of $339.20 million during the quarter, compared to the consensus estimate of $331.85 million. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The company’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.46 EPS. On average, equities research analysts anticipate that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater declared that its board has authorized a stock repurchase plan on Tuesday, August 6th that permits the company to repurchase $13.90 million in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 0.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Tidewater by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock valued at $442,956,000 after purchasing an additional 985,398 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Tidewater by 11,317.3% during the second quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock worth $60,992,000 after acquiring an additional 639,765 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in shares of Tidewater in the first quarter worth about $34,898,000. Boston Partners boosted its holdings in Tidewater by 11.7% in the first quarter. Boston Partners now owns 2,323,725 shares of the oil and gas company’s stock valued at $214,055,000 after purchasing an additional 243,489 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in Tidewater by 622.0% during the 2nd quarter. Principal Financial Group Inc. now owns 277,346 shares of the oil and gas company’s stock valued at $26,406,000 after purchasing an additional 238,933 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.