Tidewater Inc. (NYSE:TDW) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. reduced its holdings in shares of Tidewater Inc. (NYSE:TDW - Free Report) by 49.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 33,157 shares of the oil and gas company's stock after selling 32,143 shares during the period. Pinnacle Associates Ltd. owned about 0.06% of Tidewater worth $2,391,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Sage Mountain Advisors LLC increased its holdings in Tidewater by 4.8% during the 2nd 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 increased its holdings in Tidewater by 135.4% during the 2nd quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 153 shares during the period. PNC Financial Services Group Inc. increased its holdings in Tidewater by 71.6% during the 4th 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 during the period. Natixis Advisors LLC increased its holdings in Tidewater by 0.7% during the 2nd 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. Finally, Xponance Inc. increased its holdings in Tidewater by 9.9% during the 2nd quarter. Xponance Inc. now owns 3,092 shares of the oil and gas company's stock worth $294,000 after purchasing an additional 279 shares during the period. 95.13% of the stock is owned by institutional investors.

Tidewater Stock Down 2.1 %

Shares of NYSE:TDW traded down $1.25 on Friday, reaching $58.82. The company had a trading volume of 1,008,637 shares, compared to its average volume of 1,038,530. Tidewater Inc. has a 52-week low of $54.53 and a 52-week high of $111.42. The firm's 50 day simple moving average is $71.55 and its 200-day simple moving average is $87.96. The firm has a market capitalization of $3.09 billion, a PE ratio of 19.48 and a beta of 1.15. 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 (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, topping the consensus estimate of $0.72 by $0.22. Tidewater had a return on equity of 18.04% and a net margin of 12.77%. The firm had revenue of $339.20 million for the quarter, compared to the consensus estimate of $331.85 million. During the same period in the previous year, the business earned $0.46 EPS. The firm's revenue for the quarter was up 57.8% on a year-over-year basis. As a group, analysts expect that Tidewater Inc. will post 4.4 earnings per share for the current fiscal year.

Tidewater announced that its Board of Directors has approved a share buyback program 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 programs are often an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have commented on TDW shares. StockNews.com downgraded Tidewater from a "hold" rating to a "sell" rating in a report on Saturday, October 26th. Raymond James lifted their price target on Tidewater from $133.00 to $138.00 and gave the company 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 assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $111.25.

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.