Millennium Management LLC Purchases 54,710 Shares of Tidewater Inc. (NYSE:TDW)

Millennium Management LLC raised its holdings in shares of Tidewater Inc. (NYSE:TDW) by 27.7% during the second quarter, Holdings Channel.com reports. The fund owned 252,199 shares of the oil and gas company’s stock after buying an additional 54,710 shares during the period. Millennium Management LLC’s holdings in Tidewater were worth $24,012,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Sage Mountain Advisors LLC raised its position in shares of Tidewater by 4.8% during 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 during the last quarter. GAMMA Investing LLC grew its holdings in Tidewater by 135.4% during the 2nd quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 153 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Tidewater by 71.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 156 shares during the last quarter. Natixis Advisors LLC raised its stake in Tidewater by 0.7% during the second quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company’s stock valued at $2,525,000 after purchasing an additional 174 shares in the last quarter. Finally, Xponance Inc. increased its holdings in shares of Tidewater by 9.9% in the 2nd quarter. Xponance Inc. now owns 3,092 shares of the oil and gas company’s stock worth $294,000 after buying an additional 279 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Tidewater Stock Up 0.8 %

Shares of NYSE TDW opened at $72.00 on Friday. The stock has a 50 day moving average price of $82.62 and a 200 day moving average price of $92.47. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 28.31 and a beta of 1.13. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90.

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

Tidewater announced that its board has authorized a share repurchase program on Tuesday, August 6th that authorizes the company to buyback $13.90 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 0.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. StockNews.com lowered 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 company a “strong-buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.