Maryland State Retirement & Pension System Buys New Holdings in Tidewater Inc. (NYSE:TDW)

Maryland State Retirement & Pension System acquired a new stake in Tidewater Inc. (NYSE:TDW) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 16,924 shares of the oil and gas company’s stock, valued at approximately $1,611,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings 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 buying an additional 153 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in 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 acquiring an additional 156 shares in the last quarter. Precision Wealth Strategies LLC lifted its position in Tidewater by 8.5% in 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 in the last quarter. Transcendent Capital Group LLC acquired a new position in Tidewater during the 1st quarter valued at about $28,000. Finally, ProShare Advisors LLC increased its holdings in Tidewater by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 8,349 shares of the oil and gas company’s stock worth $768,000 after purchasing an additional 656 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on TDW. Raymond James raised their price target on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 8th. BTIG Research upped their target price on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a report on Friday, May 10th. One equities research 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 company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $111.25.

Tidewater Stock Performance

Shares of TDW stock traded up $0.39 during trading hours on Friday, hitting $88.70. 459,717 shares of the company were exchanged, compared to its average volume of 839,705. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $93.19 and a 200 day simple moving average of $92.55. The stock has a market capitalization of $4.66 billion, a price-to-earnings ratio of 35.34 and a beta of 1.20.

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, beating analysts’ consensus estimates of $0.72 by $0.22. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The firm had revenue of $339.20 million for the quarter, compared to analysts’ expectations of $331.85 million. During the same quarter in the prior year, the firm earned $0.46 EPS. The business’s revenue for the quarter was up 57.8% compared to the same quarter last year. Research analysts predict that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its board has authorized a stock repurchase plan on Tuesday, August 6th that allows the company to repurchase $13.90 million in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 0.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Tidewater news, CEO Quintin Kneen sold 166,000 shares of the stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $103.76, for a total transaction of $17,224,160.00. Following the sale, the chief executive officer now owns 335,718 shares in the company, valued at $34,834,099.68. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Tidewater news, Director Kenneth Traub sold 20,000 shares of the firm’s stock in a transaction on 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Quintin Kneen sold 166,000 shares of the company’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $103.76, for a total transaction of $17,224,160.00. Following the completion of the transaction, the chief executive officer now directly owns 335,718 shares in the company, valued at approximately $34,834,099.68. The disclosure for this sale can be found here. Insiders sold 211,666 shares of company stock worth $22,025,901 over the last quarter. 8.33% of the stock is currently 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.