Exchange Traded Concepts LLC Reduces Holdings in Tidewater Inc. (NYSE:TDW)

Exchange Traded Concepts LLC reduced its stake in shares of Tidewater Inc. (NYSE:TDW) by 9.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,618 shares of the oil and gas company’s stock after selling 709 shares during the period. Exchange Traded Concepts LLC’s holdings in Tidewater were worth $475,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in shares of Tidewater by 135.4% in the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 153 shares during the last quarter. PNC Financial Services Group Inc. raised its stake 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 valued at $27,000 after purchasing an additional 156 shares during the last quarter. Quarry LP acquired a new position in Tidewater in the 2nd quarter valued at about $27,000. Transcendent Capital Group LLC purchased a new position in Tidewater in the 1st quarter valued at about $28,000. Finally, Hollencrest Capital Management acquired a new stake in shares of Tidewater during the 2nd quarter worth about $30,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. StockNews.com lowered shares of Tidewater from a “hold” rating to a “sell” rating in a research report on Wednesday. Raymond James increased 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 investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $111.25.

Tidewater Price Performance

Tidewater stock opened at $62.17 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 20.59 and a beta of 1.12. Tidewater Inc. has a 1 year low of $54.53 and a 1 year high of $111.42. The firm has a 50 day moving average price of $76.71 and a 200 day moving average price of $90.45.

Tidewater (NYSE:TDW) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.22. The company had revenue of $339.20 million during the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The business’s quarterly revenue was up 57.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.46 EPS. Sell-side analysts predict that Tidewater Inc. will post 4.4 earnings per share for the current year.

Tidewater declared that its board has approved a share repurchase program 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About Tidewater

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.