Tidewater (NYSE:TDW) Cut to “Outperform” at Raymond James

Raymond James cut shares of Tidewater (NYSE:TDW) from a strong-buy rating to an outperform rating in a report issued on Monday morning, Marketbeat.com reports. They currently have $102.00 price objective on the oil and gas company’s stock, down from their prior price objective of $131.00.

Separately, StockNews.com raised shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tidewater presently has an average rating of “Moderate Buy” and a consensus target price of $102.25.

Tidewater Stock Performance

TDW opened at $53.14 on Monday. Tidewater has a 12-month low of $52.86 and a 12-month high of $111.42. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 15.63 and a beta of 1.14. The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $67.03 and its 200 day moving average is $86.07.

Tidewater declared that its board has authorized a share buyback program on Tuesday, August 6th that permits the company to repurchase $13.90 million in 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 usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Glenmede Trust Co. NA grew its holdings in Tidewater by 3.5% during the 3rd quarter. Glenmede Trust Co. NA now owns 9,479 shares of the oil and gas company’s stock valued at $680,000 after buying an additional 321 shares in the last quarter. Cynosure Group LLC boosted its position in shares of Tidewater by 152.6% during the third quarter. Cynosure Group LLC now owns 9,617 shares of the oil and gas company’s stock worth $690,000 after acquiring an additional 5,810 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Tidewater by 53.6% during the third quarter. BNP Paribas Financial Markets now owns 25,739 shares of the oil and gas company’s stock valued at $1,848,000 after acquiring an additional 8,978 shares in the last quarter. Independent Advisor Alliance bought a new stake in Tidewater in the 3rd quarter valued at $591,000. Finally, Pekin Hardy Strauss Inc. lifted its stake in Tidewater by 25.4% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 10,359 shares of the oil and gas company’s stock worth $744,000 after purchasing an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors 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.