Insider Selling: Tidewater Inc. (NYSE:TDW) Director Sells $2,127,600.00 in Stock

Tidewater Inc. (NYSE:TDW) Director Kenneth Traub sold 20,000 shares of Tidewater stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $106.38, for a total value of $2,127,600.00. Following the transaction, the director now owns 68,802 shares of the company’s stock, valued at $7,319,156.76. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Tidewater Stock Performance

NYSE:TDW opened at $96.99 on Friday. The stock has a market cap of $5.12 billion, a P/E ratio of 38.64 and a beta of 1.22. The stock has a 50 day simple moving average of $99.60 and a 200 day simple moving average of $82.52. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. Tidewater Inc. has a 1-year low of $42.62 and a 1-year high of $111.42.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.40. The business had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The firm’s revenue for the quarter was up 66.3% compared to the same quarter last year. During the same period last year, the firm posted $0.23 EPS. Research analysts anticipate that Tidewater Inc. will post 4.68 earnings per share for the current year.

Tidewater declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 29th that authorizes the company to repurchase $48.60 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 1.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Tidewater

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TDW. Boston Partners increased its stake in shares of Tidewater by 32,536.3% in the 4th quarter. Boston Partners now owns 2,080,236 shares of the oil and gas company’s stock valued at $149,928,000 after purchasing an additional 2,073,862 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Tidewater by 37.9% in the 3rd quarter. Vanguard Group Inc. now owns 3,798,600 shares of the oil and gas company’s stock valued at $269,967,000 after buying an additional 1,043,804 shares during the last quarter. FMR LLC grew its position in shares of Tidewater by 1,294.4% in the 3rd quarter. FMR LLC now owns 1,064,896 shares of the oil and gas company’s stock valued at $75,682,000 after buying an additional 988,528 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new stake in shares of Tidewater in the 1st quarter valued at about $34,898,000. Finally, Cerity Partners LLC bought a new stake in shares of Tidewater in the 4th quarter valued at about $25,322,000. 95.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TDW has been the subject of several research analyst reports. Evercore ISI lifted their target price on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. BTIG Research lifted their target price on Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $98.00.

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.