Tidewater (NYSE:TDW) Shares Gap Up – Here’s What Happened

Tidewater Inc. (NYSE:TDW) gapped up prior to trading on Thursday . The stock had previously closed at $54.71, but opened at $56.53. Tidewater shares last traded at $56.57, with a volume of 169,417 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Raymond James cut shares of Tidewater from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $131.00 to $102.00 in a report on Monday, November 11th. StockNews.com raised shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, DNB Markets began coverage on shares of Tidewater in a report on Friday, November 29th. They set a “buy” rating and a $70.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Tidewater presently has an average rating of “Moderate Buy” and a consensus price target of $95.80.

Tidewater Price Performance

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 stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 16.61 and a beta of 1.06. The stock has a fifty day moving average of $52.99 and a two-hundred day moving average of $73.07.

Insider Activity

In other Tidewater news, CEO Quintin Kneen acquired 41,615 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was acquired at an average cost of $48.06 per share, for a total transaction of $2,000,016.90. Following the transaction, the chief executive officer now owns 176,239 shares of the company’s stock, valued at $8,470,046.34. This trade represents a 30.91 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.33% of the company’s stock.

Hedge Funds Weigh In On Tidewater

A number of institutional investors have recently added to or reduced their stakes in TDW. Tidal Investments LLC boosted its position in Tidewater by 8.1% during the third quarter. Tidal Investments LLC now owns 3,575 shares of the oil and gas company’s stock worth $257,000 after purchasing an additional 267 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in Tidewater by 30.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 17,000 shares of the oil and gas company’s stock worth $1,220,000 after acquiring an additional 3,969 shares during the period. Neo Ivy Capital Management increased its holdings in shares of Tidewater by 22.5% during the third quarter. Neo Ivy Capital Management now owns 13,856 shares of the oil and gas company’s stock worth $994,000 after purchasing an additional 2,544 shares during the period. Geode Capital Management LLC raised its position in shares of Tidewater by 0.5% in the third quarter. Geode Capital Management LLC now owns 1,092,887 shares of the oil and gas company’s stock valued at $78,473,000 after buying an additional 5,713 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Tidewater by 354.2% in the third quarter. Barclays PLC now owns 78,848 shares of the oil and gas company’s stock valued at $5,661,000 after buying an additional 61,487 shares during the period. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.