Tidewater’s (TDW) Buy Rating Reiterated at BTIG Research

BTIG Research reiterated their buy rating on shares of Tidewater (NYSE:TDW) in a research note published on Friday morning,Benzinga reports. They currently have a $120.00 target price on the oil and gas company’s stock.

Several other equities research analysts have also recently weighed in on the company. Pickering Energy Partners upgraded Tidewater from an “underperform” rating to a “neutral” rating in a report on Thursday, June 11th. Weiss Ratings upgraded Tidewater from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, September 11th. Finally, Barclays boosted their target price on Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tidewater presently has an average rating of “Moderate Buy” and an average target price of $98.25.

Tidewater Stock Performance

Shares of NYSE:TDW opened at $85.15 on Friday. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $88.71 and a 200-day moving average price of $81.59. The company has a market cap of $4.24 billion, a price-to-earnings ratio of 17.24 and a beta of 0.60. Tidewater has a 12 month low of $46.65 and a 12 month 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 (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a return on equity of 5.36% and a net margin of 18.34%. The business had revenue of $342.29 million during the quarter, compared to the consensus estimate of $329.97 million. During the same period in the previous year, the business earned $1.46 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Tidewater will post 3.08 EPS for the current year.

Insider Activity

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

Institutional Trading of Tidewater

Several large investors have recently bought and sold shares of TDW. BlackRock Inc. bought a new position in shares of Tidewater in the 2nd quarter worth approximately $503,200,000. Robotti Robert purchased a new position in shares of Tidewater in the 2nd quarter valued at approximately $193,652,000. Bank of America Corp DE bought a new stake in shares of Tidewater during the second quarter valued at approximately $28,293,000. Old West Investment Management LLC bought a new stake in shares of Tidewater during the second quarter valued at approximately $26,238,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Tidewater during the second quarter valued at approximately $24,842,000. 95.13% of the stock is owned by institutional investors.

About Tidewater

Tidewater Inc is a global provider of offshore marine support services to the energy industry. The company operates a fleet of offshore support vessels that transport personnel, equipment and supplies to offshore facilities and assist with marine logistics, construction, maintenance and other activities.

Its vessel portfolio includes platform supply vessels, anchor-handling tug supply vessels, fast support vessels and other specialized ships designed for offshore operations. Tidewater serves customers involved in offshore oil and gas development, as well as selected activities associated with offshore wind and other marine energy projects.

Founded in 1955, Tidewater is headquartered in Houston, Texas, and serves offshore markets across regions including the Americas, Europe, the Middle East, Africa and Asia-Pacific.