Tidewater (NYSE:TDW) Shares Gap Up Following Insider Buying Activity

Tidewater Inc. (NYSE:TDW)’s share price gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $47.05, but opened at $49.55. Tidewater shares last traded at $48.77, with a volume of 171,054 shares traded.

Specifically, CEO Quintin Kneen purchased 41,615 shares of the stock in a transaction dated Friday, December 13th. The shares were purchased at an average cost of $48.06 per share, with a total value of $2,000,016.90. Following the completion of the acquisition, the chief executive officer now owns 176,239 shares in the company, valued at $8,470,046.34. This represents a 30.91 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Raymond James lowered Tidewater from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $131.00 to $102.00 in a research note on Monday, November 11th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. Finally, DNB Markets began coverage on Tidewater in a report on Friday, November 29th. They set 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.80.

Tidewater Trading Down 5.9 %

The stock has a fifty day moving average of $55.79 and a two-hundred day moving average of $76.78. The company has a market capitalization of $2.59 billion, a PE ratio of 14.54 and a beta of 1.10. The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54.

Institutional Investors Weigh In On Tidewater

Hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of Tidewater in the second quarter worth about $27,000. Hollencrest Capital Management purchased a new position in Tidewater in the 2nd quarter worth approximately $30,000. GAMMA Investing LLC lifted its position in Tidewater by 163.5% in the third quarter. GAMMA Investing LLC now owns 701 shares of the oil and gas company’s stock valued at $50,000 after purchasing an additional 435 shares during the last quarter. Northwest & Ethical Investments L.P. purchased a new stake in shares of Tidewater during the third quarter valued at approximately $65,000. Finally, Headlands Technologies LLC grew its holdings in shares of Tidewater by 6,322.2% in the second quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company’s stock worth $110,000 after purchasing an additional 1,138 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.