Tidewater Inc. (NYSE:TDW) Shares Acquired by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC increased its position in shares of Tidewater Inc. (NYSE:TDW) by 721.0% during the second quarter, Holdings Channel.com reports. The fund owned 1,995 shares of the oil and gas company’s stock after acquiring an additional 1,752 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Tidewater were worth $197,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of TDW. CreativeOne Wealth LLC bought a new position in shares of Tidewater during the 1st quarter valued at about $542,000. Russell Investments Group Ltd. boosted its holdings in Tidewater by 17.3% during the first quarter. Russell Investments Group Ltd. now owns 86,750 shares of the oil and gas company’s stock worth $7,981,000 after buying an additional 12,799 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in Tidewater in the first quarter worth approximately $5,658,000. Sei Investments Co. increased its holdings in shares of Tidewater by 106.8% in the first quarter. Sei Investments Co. now owns 13,987 shares of the oil and gas company’s stock valued at $1,287,000 after buying an additional 7,225 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Tidewater by 244.3% during the 1st quarter. Principal Financial Group Inc. now owns 38,413 shares of the oil and gas company’s stock valued at $3,534,000 after acquiring an additional 27,257 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Stock Performance

Shares of TDW stock opened at $73.73 on Thursday. The stock’s fifty day simple moving average is $85.74 and its 200-day simple moving average is $92.92. The company has a market capitalization of $3.87 billion, a price-to-earnings ratio of 29.37 and a beta of 1.13. 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 1-year low of $54.53 and a 1-year high of $111.42.

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

Tidewater declared that its Board of Directors has authorized a stock repurchase program on Tuesday, August 6th that permits the company to repurchase $13.90 million in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 0.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TDW. StockNews.com cut Tidewater from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th. Raymond James boosted their price objective on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.25.

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.