Magnetar Financial LLC Buys New Position in Tidewater Inc. (NYSE:TDW)

Magnetar Financial LLC bought a new stake in shares of Tidewater Inc. (NYSE:TDW) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,102 shares of the oil and gas company’s stock, valued at approximately $486,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TDW. Precision Wealth Strategies LLC boosted its holdings in 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 worth $243,000 after acquiring an additional 264 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Tidewater by 4.5% in the fourth quarter. Allianz Asset Management GmbH now owns 63,825 shares of the oil and gas company’s stock worth $4,602,000 after acquiring an additional 2,720 shares in the last quarter. Harvest Investment Services LLC boosted its holdings in Tidewater by 22.8% in the fourth quarter. Harvest Investment Services LLC now owns 8,063 shares of the oil and gas company’s stock worth $581,000 after acquiring an additional 1,499 shares in the last quarter. CenterBook Partners LP bought a new position in Tidewater in the fourth quarter worth approximately $727,000. Finally, Orchard Capital Management LLC boosted its holdings in Tidewater by 23.1% in the fourth quarter. Orchard Capital Management LLC now owns 166,146 shares of the oil and gas company’s stock worth $11,981,000 after acquiring an additional 31,193 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Tidewater Stock Performance

Shares of Tidewater stock opened at $77.36 on Wednesday. The company has a market cap of $4.06 billion, a PE ratio of 30.82 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 business has a 50 day moving average price of $86.28 and a 200-day moving average price of $93.05. The company has a quick ratio of 1.82, a current ratio of 1.90 and a debt-to-equity ratio of 0.56.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.72 by $0.22. The firm 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%. The company’s quarterly 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. Equities analysts anticipate that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its Board of Directors has approved a share buyback plan on Tuesday, August 6th that allows the company to buyback $13.90 million in shares. This buyback authorization allows the oil and gas company to repurchase up to 0.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Raymond James increased their price target on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 8th. StockNews.com downgraded Tidewater from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. One 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.