Tidewater Inc. (NYSE:TDW) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers boosted its stake in Tidewater Inc. (NYSE:TDW) by 102.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,603 shares of the oil and gas company’s stock after purchasing an additional 69,626 shares during the period. Rhumbline Advisers owned approximately 0.26% of Tidewater worth $13,101,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Sage Mountain Advisors LLC grew its stake in shares of Tidewater by 4.8% in the second quarter. Sage Mountain Advisors LLC now owns 2,636 shares of the oil and gas company’s stock valued at $251,000 after buying an additional 120 shares in the last quarter. GAMMA Investing LLC grew its position in Tidewater by 135.4% in the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 153 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Tidewater by 71.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 156 shares during the period. Natixis Advisors LLC lifted its position in shares of Tidewater by 0.7% during the second quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company’s stock worth $2,525,000 after purchasing an additional 174 shares in the last quarter. Finally, Precision Wealth Strategies LLC boosted its stake in shares of Tidewater by 8.5% in the fourth quarter. Precision Wealth Strategies LLC now owns 3,376 shares of the oil and gas company’s stock valued at $243,000 after purchasing an additional 264 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Stock Down 5.6 %

TDW stock opened at $69.32 on Wednesday. The company has a market capitalization of $3.64 billion, a P/E ratio of 27.62 and a beta of 1.13. The firm has a 50 day simple moving average of $90.95 and a 200-day simple moving average of $93.27. The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. Tidewater Inc. has a twelve month low of $54.53 and a twelve month high of $111.42.

Tidewater (NYSE:TDW) last released its earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.22. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The company had revenue of $339.20 million during the quarter, compared to the consensus estimate of $331.85 million. During the same quarter in the previous year, the firm earned $0.46 EPS. The company’s revenue was up 57.8% on a year-over-year basis. On average, equities research analysts predict that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its Board of Directors has authorized 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 purchase up to 0.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Raymond James lifted their price target on shares of Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Tidewater has a consensus rating of “Buy” and a consensus target price of $111.25.

Tidewater 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.