Tidewater (NYSE:TDW) Rating Lowered to Hold at Zacks Investment Research

Tidewater (NYSE:TDW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “Tidewater Inc. provides offshore service vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels. The Company tows and anchor-handles mobile drilling rigs and equipment, transports supplies and personnel, and supports pipe laying and other offshore construction activities. Its operating segment consists of Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. The company serves oil and natural gas exploration, field development, and production companies; independent exploration and production companies; government-owned or government-controlled organizations, and other companies; drilling contractors and other companies. Tidewater Inc. is headquartered in New Orleans, Louisiana. “

Separately, ValuEngine raised Tidewater from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 1st.

TDW opened at $15.66 on Friday. The firm has a market cap of $598.99 million, a price-to-earnings ratio of -2.43 and a beta of 1.58. Tidewater has a 52 week low of $13.60 and a 52 week high of $30.44. The business’s 50 day moving average is $15.72 and its two-hundred day moving average is $20.32. The company has a quick ratio of 4.15, a current ratio of 4.34 and a debt-to-equity ratio of 0.38.

Tidewater (NYSE:TDW) last released its earnings results on Monday, August 12th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.86) by $0.44. The business had revenue of $125.86 million for the quarter, compared to analyst estimates of $131.77 million. Tidewater had a negative return on equity of 12.46% and a negative net margin of 34.78%. The company’s revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.44) earnings per share. Equities analysts expect that Tidewater will post -2.87 EPS for the current fiscal year.

In other Tidewater news, Director Kenneth H. Traub purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were purchased at an average cost of $17.67 per share, for a total transaction of $88,350.00. Following the completion of the purchase, the director now directly owns 27,088 shares in the company, valued at $478,644.96. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.47% of the company’s stock.

Several institutional investors have recently bought and sold shares of TDW. GSA Capital Partners LLP purchased a new stake in Tidewater during the second quarter worth $440,000. Charles Schwab Investment Management Inc. boosted its position in Tidewater by 7.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 398,829 shares of the oil and gas company’s stock worth $9,365,000 after purchasing an additional 28,027 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Tidewater by 20.8% during the second quarter. Bank of New York Mellon Corp now owns 176,921 shares of the oil and gas company’s stock worth $4,154,000 after purchasing an additional 30,456 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in Tidewater during the second quarter worth $16,493,000. Finally, Schroder Investment Management Group purchased a new stake in Tidewater during the second quarter worth $871,000. Hedge funds and other institutional investors own 82.62% of the company’s stock.

Tidewater Company Profile

Tidewater Inc provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore exploration, field development, and production, 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; and various specialized services, such as pipe and cable laying.

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