Millennium Management LLC Purchases 54,710 Shares of Tidewater Inc. (NYSE:TDW)

Millennium Management LLC lifted its position in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 27.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 252,199 shares of the oil and gas company's stock after purchasing an additional 54,710 shares during the period. Millennium Management LLC owned 0.48% of Tidewater worth $24,012,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Sage Mountain Advisors LLC boosted its holdings 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 purchasing an additional 120 shares during the period. GAMMA Investing LLC lifted its holdings in Tidewater by 135.4% in 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 period. PNC Financial Services Group Inc. lifted its holdings in Tidewater by 71.6% in 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 period. Natixis Advisors LLC lifted its holdings in Tidewater by 0.7% in the second quarter. Natixis Advisors LLC now owns 26,520 shares of the oil and gas company's stock worth $2,525,000 after buying an additional 174 shares during the period. Finally, Xponance Inc. lifted its holdings in Tidewater by 9.9% in the second quarter. Xponance Inc. now owns 3,092 shares of the oil and gas company's stock worth $294,000 after buying an additional 279 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on TDW. StockNews.com lowered shares of Tidewater from a "hold" rating to a "sell" rating in a report on Wednesday, September 11th. Raymond James raised their price objective on shares of Tidewater from $133.00 to $138.00 and gave the stock a "strong-buy" rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $111.25.

Tidewater Stock Down 1.0 %

Shares of NYSE TDW traded down $0.75 on Friday, reaching $71.25. 1,041,085 shares of the company's stock traded hands, compared to its average volume of 871,081. Tidewater Inc. has a 12 month low of $54.53 and a 12 month high of $111.42. The business's 50 day simple moving average is $82.06 and its two-hundred day simple moving average is $92.33. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 28.68 and a beta of 1.13. The company has a quick ratio of 1.82, a current ratio of 1.90 and a debt-to-equity ratio of 0.56.

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

Tidewater announced that its Board of Directors has authorized a stock buyback plan on Tuesday, August 6th that permits the company to buyback $13.90 million in shares. This buyback authorization permits the oil and gas company to reacquire up to 0.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

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.