Gamco Investors INC. ET AL Sells 4,500 Shares of Tidewater Inc. (NYSE:TDW)

Gamco Investors INC. ET AL trimmed its holdings in shares of Tidewater Inc. (NYSE:TDW) by 37.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,455 shares of the oil and gas company’s stock after selling 4,500 shares during the period. Gamco Investors INC. ET AL’s holdings in Tidewater were worth $686,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TDW. PNC Financial Services Group Inc. increased its holdings in Tidewater by 71.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock worth $27,000 after buying an additional 156 shares during the last quarter. Precision Wealth Strategies LLC grew its position in shares of Tidewater by 8.5% during the 4th quarter. Precision Wealth Strategies LLC now owns 3,376 shares of the oil and gas company’s stock valued at $243,000 after acquiring an additional 264 shares during the period. Meixler Investment Management Ltd. increased its stake in shares of Tidewater by 1.9% during the 4th quarter. Meixler Investment Management Ltd. now owns 15,448 shares of the oil and gas company’s stock worth $1,114,000 after purchasing an additional 284 shares during the last quarter. Parkside Financial Bank & Trust bought a new stake in shares of Tidewater in the 4th quarter worth approximately $33,000. Finally, ProShare Advisors LLC lifted its stake in Tidewater by 8.5% in the first quarter. ProShare Advisors LLC now owns 8,349 shares of the oil and gas company’s stock valued at $768,000 after purchasing an additional 656 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Stock Performance

Shares of TDW traded down $1.75 during trading hours on Friday, hitting $98.31. The company’s stock had a trading volume of 632,698 shares, compared to its average volume of 703,084. The company has a market cap of $5.19 billion, a price-to-earnings ratio of 39.17 and a beta of 1.20. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74. The business has a 50 day simple moving average of $98.94 and a two-hundred day simple moving average of $89.15. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42.

Tidewater (NYSE:TDW) last released its quarterly earnings data 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. The business had revenue of $321.20 million during the quarter, compared to analyst estimates of $312.05 million. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. Tidewater’s revenue was up 66.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 EPS. On average, equities analysts expect that Tidewater Inc. will post 4.68 earnings per share for the current fiscal year.

Tidewater announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 2nd that authorizes the company to buyback $18.10 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 0.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Separately, BTIG Research boosted their target price on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 10th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.33.

Insider Activity at Tidewater

In other Tidewater news, Director Robert Robotti sold 170,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $107.62, for a total value of $18,295,400.00. Following the completion of the transaction, the director now owns 2,533,037 shares in the company, valued at approximately $272,605,441.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Tidewater news, Director Robert Robotti sold 170,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $107.62, for a total value of $18,295,400.00. Following the sale, the director now directly owns 2,533,037 shares in the company, valued at approximately $272,605,441.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Samuel R. Rubio sold 24,396 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $107.39, for a total transaction of $2,619,886.44. Following the transaction, the chief financial officer now owns 64,527 shares of the company’s stock, valued at $6,929,554.53. The disclosure for this sale can be found here. In the last three months, insiders have sold 733,926 shares of company stock worth $78,328,615. 8.33% of the stock is owned by company insiders.

Tidewater 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.