Tidewater (NYSE:TDW) Announces Earnings Results

Tidewater (NYSE:TDW) released its earnings results on Thursday. The oil and gas company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40, Briefing.com reports. The business had revenue of $321.20 million for the quarter, compared to analyst estimates of $312.05 million. Tidewater had a net margin of 11.73% and a return on equity of 16.52%. The business’s revenue was up 66.3% on a year-over-year basis. During the same period last year, the company posted $0.23 EPS.

Tidewater Stock Up 13.4 %

Shares of TDW opened at $106.51 on Friday. The company’s 50-day moving average price is $89.44 and its 200 day moving average price is $74.20. Tidewater has a 12-month low of $39.53 and a 12-month high of $107.45. The company has a current ratio of 1.80, a quick ratio of 1.70 and a debt-to-equity ratio of 0.61. The firm has a market cap of $5.57 billion, a P/E ratio of 42.43 and a beta of 1.21.

Tidewater announced that its Board of Directors has initiated a share repurchase program on Thursday, February 29th that allows the company to buyback $48.60 million in shares. This buyback authorization allows the oil and gas company to purchase up to 1.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

TDW has been the topic of a number of analyst reports. Pickering Energy Partners started coverage on Tidewater in a research report on Tuesday, January 30th. They set an “outperform” rating on the stock. BTIG Research lifted their price target on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Evercore ISI upped their price objective on shares of Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. Johnson Rice began coverage on shares of Tidewater in a research note on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. Finally, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $93.00.

Insiders Place Their Bets

In related news, CFO Samuel R. Rubio sold 19,641 shares of Tidewater stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the sale, the chief financial officer now owns 98,036 shares in the company, valued at approximately $7,976,208.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO David E. Darling sold 17,821 shares of Tidewater stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total value of $1,462,747.68. Following the completion of the transaction, the chief operating officer now owns 85,959 shares in the company, valued at $7,055,514.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Samuel R. Rubio sold 19,641 shares of Tidewater stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the transaction, the chief financial officer now owns 98,036 shares of the company’s stock, valued at $7,976,208.96. The disclosure for this sale can be found here. Insiders sold a total of 45,462 shares of company stock valued at $3,716,739 over the last 90 days. 9.59% of the stock is owned by company insiders.

About Tidewater

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.