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

Tidewater Inc. (NYSE:TDW) shares gapped up prior to trading on Tuesday following insider buying activity. 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.

Specifically, CEO Quintin Kneen purchased 41,615 shares of Tidewater stock in a transaction that occurred on Friday, December 13th. The shares were bought at an average cost of $48.06 per share, with a total value of $2,000,016.90. Following the completion of the purchase, the chief executive officer now directly owns 176,239 shares in the company, valued at approximately $8,470,046.34. This trade represents a 30.91 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

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

Tidewater Trading Down 5.9 %

The stock has a market cap of $2.59 billion, a PE ratio of 14.54 and a beta of 1.10. The firm has a 50-day moving average price of $55.79 and a 200-day moving average price of $76.78. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29.

Institutional Trading of Tidewater

A number of institutional investors and hedge funds have recently bought and sold shares of TDW. Sage Mountain Advisors LLC increased its holdings in shares of Tidewater by 4.8% in the 2nd quarter. Sage Mountain Advisors LLC now owns 2,636 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 120 shares in the last quarter. Natixis Advisors LLC increased its holdings in Tidewater by 0.7% in the 2nd quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company’s stock worth $2,525,000 after buying an additional 174 shares in the last quarter. Tidal Investments LLC increased its holdings in Tidewater by 8.1% in the 3rd quarter. Tidal Investments LLC now owns 3,575 shares of the oil and gas company’s stock worth $257,000 after buying an additional 267 shares in the last quarter. Xponance Inc. raised its position in 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. Finally, Quarry LP bought a new position in Tidewater during the 2nd quarter valued at about $27,000. 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.