VELA Investment Management LLC Acquires 6,028 Shares of Tidewater Inc. $TDW

VELA Investment Management LLC increased its stake in Tidewater Inc. (NYSE:TDW) by 17.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 40,537 shares of the oil and gas company’s stock after buying an additional 6,028 shares during the quarter. VELA Investment Management LLC owned 0.08% of Tidewater worth $2,701,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Tidewater in the 2nd quarter worth approximately $503,200,000. Robotti Robert bought a new position in Tidewater during the second quarter valued at $193,652,000. Cerity Partners LLC increased its position in Tidewater by 104.3% in the fourth quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock worth $57,730,000 after buying an additional 583,607 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Tidewater during the 2nd quarter valued at $28,293,000. Finally, Old West Investment Management LLC purchased a new position in shares of Tidewater during the 2nd quarter valued at $26,238,000. Institutional investors own 95.13% of the company’s stock.

Insider Activity at Tidewater

In other Tidewater news, EVP Samuel R. Rubio sold 17,705 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total value of $1,621,069.80. Following the sale, the executive vice president directly owned 33,214 shares in the company, valued at $3,041,073.84. This represents a 34.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth Traub sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $99.00, for a total transaction of $990,000.00. Following the completion of the transaction, the director directly owned 63,521 shares of the company’s stock, valued at approximately $6,288,579. The trade was a 13.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 42,705 shares of company stock valued at $4,097,270. Corporate insiders own 5.90% of the company’s stock.

Tidewater Stock Performance

Shares of TDW opened at $94.32 on Monday. The stock’s 50-day simple moving average is $81.93 and its 200 day simple moving average is $79.90. The stock has a market capitalization of $4.69 billion, a price-to-earnings ratio of 19.09 and a beta of 0.56. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. Tidewater Inc. has a 52-week low of $46.65 and a 52-week high of $101.57.

Tidewater (NYSE:TDW) last posted its earnings results on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). Tidewater had a net margin of 18.34% and a return on equity of 5.36%. The company had revenue of $342.29 million for the quarter, compared to analysts’ expectations of $329.97 million. During the same period in the previous year, the firm earned $1.46 EPS. The firm’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts forecast that Tidewater Inc. will post 3.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TDW has been the subject of several recent research reports. Pickering Energy Partners raised Tidewater from an “underperform” rating to a “neutral” rating in a report on Thursday, June 11th. Barclays increased their target price on shares of Tidewater from $86.00 to $91.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. BTIG Research upgraded shares of Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 target price for the company in a research note on Tuesday, September 1st. Weiss Ratings lowered shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 28th. Finally, Fearnley Fonds upgraded shares of Tidewater from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.25.

About Tidewater

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.