Citigroup Inc. Purchases 25,064 Shares of Tidewater Inc. (NYSE:TDW)

Citigroup Inc. lifted its stake in shares of Tidewater Inc. (NYSE:TDW) by 75.2% in the third quarter, HoldingsChannel reports. The fund owned 58,411 shares of the oil and gas company’s stock after acquiring an additional 25,064 shares during the period. Citigroup Inc.’s holdings in Tidewater were worth $4,193,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp purchased a new stake in shares of Tidewater during the 3rd quarter worth approximately $51,089,000. Hsbc Holdings PLC increased its holdings in Tidewater by 11,317.3% during the 2nd quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock worth $60,992,000 after purchasing an additional 639,765 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Tidewater by 72.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 443,833 shares of the oil and gas company’s stock valued at $42,257,000 after acquiring an additional 185,972 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Tidewater by 9.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 434,517 shares of the oil and gas company’s stock valued at $31,194,000 after acquiring an additional 38,411 shares during the period. Finally, Villere ST Denis J & Co. LLC purchased a new position in shares of Tidewater in the 3rd quarter valued at $25,871,000. 95.13% of the stock is currently owned by institutional investors.

Tidewater Stock Performance

Shares of TDW stock opened at $51.87 on Wednesday. The stock’s 50-day moving average is $61.24 and its two-hundred day moving average is $81.25. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 15.26 and a beta of 1.10. Tidewater Inc. has a 1 year low of $49.83 and a 1 year high of $111.42. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29.

Tidewater announced that its Board of Directors has approved a share buyback plan 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 reacquire up to 0.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

TDW has been the topic of several research analyst reports. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. Raymond James cut Tidewater from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the company from $131.00 to $102.00 in a report on Monday, November 11th. Finally, DNB Markets initiated coverage on Tidewater in a report on Friday, November 29th. They issued a “buy” rating and a $70.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.80.

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.