Lloyd Harbor Capital Management LLC Lowers Stake in Tidewater Inc. (NYSE:TDW)

Lloyd Harbor Capital Management LLC trimmed its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 72.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 69,926 shares of the oil and gas company's stock after selling 184,451 shares during the quarter. Tidewater accounts for about 4.1% of Lloyd Harbor Capital Management LLC's holdings, making the stock its 12th largest position. Lloyd Harbor Capital Management LLC owned about 0.13% of Tidewater worth $6,658,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in Tidewater by 135.4% in the 2nd 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 period. PNC Financial Services Group Inc. grew its holdings in shares of 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 purchasing an additional 156 shares in the last quarter. Transcendent Capital Group LLC bought a new position in shares of Tidewater in the first quarter worth approximately $28,000. Hollencrest Capital Management purchased a new stake in Tidewater in the second quarter valued at approximately $30,000. Finally, Headlands Technologies LLC lifted its position in Tidewater by 6,322.2% during the second quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company's stock valued at $110,000 after purchasing an additional 1,138 shares during the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TDW. Raymond James raised their price objective 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. StockNews.com downgraded Tidewater from a "hold" rating to a "sell" rating in a research report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Tidewater currently has an average rating of "Moderate Buy" and an average price target of $111.25.

Tidewater Trading Up 2.8 %

Shares of NYSE:TDW traded up $1.98 during trading on Friday, reaching $72.09. 409,146 shares of the company traded hands, compared to its average volume of 865,159. 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 Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The business's fifty day moving average is $85.09 and its 200-day moving average is $92.76. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 27.93 and a beta of 1.13.

Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.22. The business had revenue of $339.20 million for the quarter, compared to analyst estimates of $331.85 million. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The company's revenue was up 57.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. As a group, analysts forecast that Tidewater Inc. will post 4.4 EPS for the current year.

Tidewater announced that its board has approved a share buyback 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 an indication that the company's leadership believes its stock is undervalued.

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.