Tidewater (NYSE:TDW) Downgraded to Sell at StockNews.com

StockNews.com cut shares of Tidewater (NYSE:TDW) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

Separately, Raymond James upped their price target on shares of Tidewater from $133.00 to $138.00 and gave the company a strong-buy rating in a research report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tidewater presently has an average rating of Moderate Buy and an average target price of $111.25.

Tidewater Price Performance

NYSE TDW opened at $70.17 on Wednesday. Tidewater has a 1 year low of $54.53 and a 1 year high of $111.42. The business’s fifty day moving average is $90.45 and its two-hundred day moving average is $93.11. The stock has a market capitalization of $3.70 billion, a P/E ratio of 27.96 and a beta of 1.13. 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 announced its earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.72 by $0.22. The business had revenue of $339.20 million during 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%. Tidewater’s revenue was up 57.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 earnings per share. On average, research analysts forecast that Tidewater will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its board has approved a stock 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 repurchase up to 0.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Tidewater

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Tidewater by 25.7% in the 1st quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock valued at $442,956,000 after buying an additional 985,398 shares in the last quarter. Boston Partners grew its holdings in Tidewater by 11.7% in the 1st quarter. Boston Partners now owns 2,323,725 shares of the oil and gas company’s stock valued at $214,055,000 after buying an additional 243,489 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Tidewater by 1.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,805,483 shares of the oil and gas company’s stock worth $130,195,000 after acquiring an additional 31,292 shares during the last quarter. Hsbc Holdings PLC increased its position in Tidewater by 11,317.3% during the second quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock worth $60,992,000 after acquiring an additional 639,765 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Tidewater by 72.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 443,833 shares of the oil and gas company’s stock valued at $42,257,000 after purchasing an additional 185,972 shares during the last quarter. 95.13% of the stock is currently owned by hedge funds and other 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.