Tidewater (NYSE:TDW) Upgraded at StockNews.com

StockNews.com upgraded shares of Tidewater (NYSE:TDW) from a sell rating to a hold rating in a report issued on Thursday morning.

Separately, Raymond James lifted their price objective on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 8th. 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 company. According to data from MarketBeat, Tidewater currently has an average rating of “Buy” and an average target price of $111.25.

Tidewater Stock Performance

TDW traded down $7.47 during midday trading on Thursday, hitting $56.68. 2,080,290 shares of the company were exchanged, compared to its average volume of 895,413. The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. Tidewater has a 1-year low of $54.53 and a 1-year high of $111.42. The company’s 50 day simple moving average is $69.41 and its 200 day simple moving average is $87.19. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 18.80 and a beta of 1.14.

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

Tidewater announced that its board has initiated a share repurchase plan on Tuesday, August 6th that permits the company to buyback $13.90 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 0.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Tidewater

Institutional investors have recently added to or reduced their stakes in the company. Sage Mountain Advisors LLC grew its position in shares of Tidewater by 4.8% during the second quarter. Sage Mountain Advisors LLC now owns 2,636 shares of the oil and gas company’s stock worth $251,000 after buying an additional 120 shares in the last quarter. GAMMA Investing LLC increased its stake in Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 153 shares during the last quarter. Natixis Advisors LLC raised its holdings in shares of Tidewater by 0.7% during the second quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company’s stock worth $2,525,000 after purchasing an additional 174 shares during the period. Xponance Inc. boosted its holdings in shares of Tidewater by 9.9% in the 2nd quarter. Xponance Inc. now owns 3,092 shares of the oil and gas company’s stock valued at $294,000 after buying an additional 279 shares during the period. Finally, Quarry LP acquired a new stake in Tidewater during the second quarter worth about $27,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.