Pekin Hardy Strauss Inc. Reduces Stake in Tidewater Inc. (NYSE:TDW)

Pekin Hardy Strauss Inc. reduced its stake in shares of Tidewater Inc. (NYSE:TDW) by 23.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,259 shares of the oil and gas company’s stock after selling 2,600 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Tidewater were worth $786,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Tidewater by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock valued at $442,956,000 after purchasing an additional 985,398 shares during the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. bought a new position in Tidewater during the first quarter valued at $34,898,000. Boston Partners raised its stake in shares of Tidewater by 11.7% in the first quarter. Boston Partners now owns 2,323,725 shares of the oil and gas company’s stock valued at $214,055,000 after acquiring an additional 243,489 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Tidewater by 622.0% in the 2nd quarter. Principal Financial Group Inc. now owns 277,346 shares of the oil and gas company’s stock worth $26,406,000 after acquiring an additional 238,933 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Tidewater by 72.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 443,833 shares of the oil and gas company’s stock worth $42,257,000 after purchasing an additional 185,972 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Tidewater Price Performance

Shares of TDW stock opened at $74.52 on Wednesday. The company has a market capitalization of $3.93 billion, a P/E ratio of 29.69 and a beta of 1.13. The company’s 50-day simple moving average is $89.09 and its two-hundred day simple moving average is $93.28. Tidewater Inc. has a one year low of $54.53 and a one year high of $111.42. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.82.

Tidewater (NYSE:TDW) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.22. The company had revenue of $339.20 million for the quarter, compared to analysts’ expectations of $331.85 million. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. Tidewater’s revenue was up 57.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.46 earnings per share. As a group, equities analysts anticipate that Tidewater Inc. will post 4.4 EPS for the current year.

Tidewater announced that its board has authorized a share buyback program on Tuesday, August 6th that allows the company to repurchase $13.90 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 0.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have issued reports on TDW shares. StockNews.com downgraded shares of Tidewater from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. Raymond James increased their price target on Tidewater from $133.00 to $138.00 and gave the stock a “strong-buy” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $111.25.

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.