Raymond James & Associates increased its stake in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 11.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,682 shares of the oil and gas company's stock after purchasing an additional 9,952 shares during the quarter. Raymond James & Associates owned approximately 0.18% of Tidewater worth $6,725,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the stock. CreativeOne Wealth LLC purchased a new stake in shares of Tidewater during the first quarter valued at about $542,000. Russell Investments Group Ltd. boosted its stake in Tidewater by 17.3% in the first quarter. Russell Investments Group Ltd. now owns 86,750 shares of the oil and gas company's stock valued at $7,981,000 after acquiring an additional 12,799 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in Tidewater in the first quarter worth $5,658,000. Sei Investments Co. grew its holdings in Tidewater by 106.8% in the first quarter. Sei Investments Co. now owns 13,987 shares of the oil and gas company's stock worth $1,287,000 after purchasing an additional 7,225 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Tidewater by 244.3% during the first quarter. Principal Financial Group Inc. now owns 38,413 shares of the oil and gas company's stock worth $3,534,000 after purchasing an additional 27,257 shares in the last quarter. Institutional investors own 95.13% of the company's stock.
Analysts Set New Price Targets
TDW has been the topic of several research analyst reports. Raymond James boosted their target price on Tidewater from $133.00 to $138.00 and gave the stock a "strong-buy" rating in a research note on Thursday, August 8th. StockNews.com lowered Tidewater from a "hold" rating to a "sell" rating in a research note on Saturday, October 26th. One research 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $111.25.
Check Out Our Latest Stock Analysis on TDW
Tidewater Stock Performance
Shares of NYSE TDW traded up $0.32 during mid-day trading on Thursday, hitting $60.08. The stock had a trading volume of 1,017,401 shares, compared to its average volume of 885,344. The firm has a market cap of $3.17 billion, a PE ratio of 23.92 and a beta of 1.12. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 1.90. The company has a 50 day moving average of $72.64 and a two-hundred day moving average of $88.39. Tidewater Inc. has a twelve month low of $54.53 and a twelve month high of $111.42.
Tidewater (NYSE:TDW - Get Free Report) last announced its quarterly earnings data 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 return on equity of 18.04% and a net margin of 12.77%. The business had revenue of $339.20 million for the quarter, compared to analyst estimates of $331.85 million. During the same period in the prior year, the company earned $0.46 earnings per share. The company's revenue was up 57.8% on a year-over-year basis. Research analysts predict that Tidewater Inc. will post 4.4 EPS for the current fiscal year.
Tidewater announced that its board has approved 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 purchase up to 0.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.
About Tidewater
(
Free Report)
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.
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