Intech Investment Management LLC Takes $1.79 Million Position in Tidewater Inc. (NYSE:TDW)

Intech Investment Management LLC purchased a new position in Tidewater Inc. (NYSE:TDW) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 24,904 shares of the oil and gas company’s stock, valued at approximately $1,788,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 153 shares during the last quarter. Quarry LP acquired a new stake in shares of Tidewater during the second quarter worth $27,000. Hollencrest Capital Management bought a new position in shares of Tidewater in the 2nd quarter worth about $30,000. Headlands Technologies LLC boosted its holdings in shares of Tidewater by 6,322.2% in the 2nd quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 1,138 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Tidewater by 721.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,995 shares of the oil and gas company’s stock valued at $197,000 after buying an additional 1,752 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Price Performance

NYSE TDW opened at $52.16 on Tuesday. The company has a 50-day moving average price of $63.68 and a two-hundred day moving average price of $83.19. Tidewater Inc. has a 52 week low of $49.86 and a 52 week high of $111.42. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 15.34 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.

Tidewater announced that its board has approved a stock repurchase plan on Tuesday, August 6th that allows the company to repurchase $13.90 million in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 0.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

TDW has been the subject of a number of research reports. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Raymond James downgraded Tidewater from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $131.00 to $102.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $102.25.

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.