Brokerages Set Tidewater Inc. (NYSE:TDW) PT at $98.00

Tidewater Inc. (NYSE:TDW) has earned a consensus rating of “Buy” from the five brokerages that are presently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $98.00.

Separately, BTIG Research raised their price objective on shares of Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 10th.

Tidewater Trading Up 3.2 %

NYSE:TDW opened at $94.66 on Friday. Tidewater has a 12-month low of $52.15 and a 12-month high of $111.42. The firm has a market cap of $4.99 billion, a PE ratio of 37.71 and a beta of 1.20. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The stock has a fifty day moving average price of $99.73 and a 200 day moving average price of $85.62.

Tidewater (NYSE:TDW) last announced its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. During the same period in the previous year, the company earned $0.23 earnings per share. Tidewater’s quarterly revenue was up 66.3% compared to the same quarter last year. Sell-side analysts anticipate that Tidewater will post 4.68 earnings per share for the current fiscal year.

Tidewater declared that its board has approved a share repurchase program on Thursday, May 2nd that allows the company to repurchase $18.10 million in shares. This repurchase authorization allows the oil and gas company to reacquire up to 0.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Tidewater

In other news, Director Kenneth Traub sold 20,000 shares of Tidewater stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total value of $2,127,600.00. Following the completion of the transaction, the director now directly owns 68,802 shares of the company’s stock, valued at approximately $7,319,156.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Tidewater news, CEO Quintin Kneen sold 150,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $109.01, for a total value of $16,351,500.00. Following the sale, the chief executive officer now directly owns 501,718 shares of the company’s stock, valued at $54,692,279.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Traub sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the transaction, the director now directly owns 68,802 shares of the company’s stock, valued at approximately $7,319,156.76. The disclosure for this sale can be found here. Insiders sold a total of 733,926 shares of company stock worth $78,328,615 over the last 90 days. Insiders own 8.33% of the company’s stock.

Institutional Investors Weigh In On Tidewater

Several large investors have recently made changes to their positions in the company. Rhumbline Advisers grew its holdings in Tidewater by 3.4% in the 3rd quarter. Rhumbline Advisers now owns 69,071 shares of the oil and gas company’s stock worth $4,909,000 after buying an additional 2,267 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Tidewater in the third quarter worth $454,000. FMR LLC raised its stake in shares of Tidewater by 1,294.4% during the third quarter. FMR LLC now owns 1,064,896 shares of the oil and gas company’s stock valued at $75,682,000 after purchasing an additional 988,528 shares in the last quarter. Invesco Ltd. raised its stake in shares of Tidewater by 29.6% during the third quarter. Invesco Ltd. now owns 247,901 shares of the oil and gas company’s stock valued at $17,618,000 after purchasing an additional 56,608 shares in the last quarter. Finally, Stifel Financial Corp grew its position in Tidewater by 1.0% in the 3rd quarter. Stifel Financial Corp now owns 82,459 shares of the oil and gas company’s stock valued at $5,860,000 after buying an additional 779 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.