Tidewater Inc. (NYSE:TDW) Stake Increased by Naviter Wealth LLC

Naviter Wealth LLC raised its stake in shares of Tidewater Inc. (NYSE:TDW) by 48.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,050 shares of the oil and gas company’s stock after acquiring an additional 41,256 shares during the quarter. Tidewater makes up 1.3% of Naviter Wealth LLC’s portfolio, making the stock its 14th biggest position. Naviter Wealth LLC owned 0.24% of Tidewater worth $9,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 153 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Tidewater by 71.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 156 shares during the period. Quarry LP bought a new stake in shares of Tidewater during the 2nd quarter valued at about $27,000. Transcendent Capital Group LLC acquired a new stake in Tidewater during the first quarter worth about $28,000. Finally, Hollencrest Capital Management bought a new position in Tidewater in the second quarter worth about $30,000. Institutional investors own 95.13% of the company’s stock.

Tidewater Price Performance

Shares of TDW stock traded down $0.31 during mid-day trading on Thursday, hitting $63.12. 37,525 shares of the stock traded hands, compared to its average volume of 875,859. Tidewater Inc. has a twelve month low of $54.53 and a twelve month high of $111.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90. The company’s 50-day simple moving average is $77.63 and its 200-day simple moving average is $90.88. The firm has a market cap of $3.31 billion, a price-to-earnings ratio of 21.00 and a beta of 1.12.

Tidewater (NYSE:TDW) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. Tidewater’s revenue for the quarter was up 57.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.46 earnings per share. As a group, equities research analysts expect that Tidewater Inc. will post 4.4 earnings per share for the current year.

Tidewater announced that its board has initiated a share buyback plan on Tuesday, August 6th that permits the company to buyback $13.90 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 0.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

TDW has been the subject of several recent research reports. Raymond James upped their target price on Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a report on Thursday, August 8th. StockNews.com cut Tidewater from a “hold” rating to a “sell” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.25.

Tidewater Company Profile

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.