Principal Financial Group Inc. Reduces Holdings in Tidewater Inc. (NYSE:TDW)

Principal Financial Group Inc. lowered its holdings in Tidewater Inc. (NYSE:TDW - Free Report) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 265,318 shares of the oil and gas company's stock after selling 12,028 shares during the period. Principal Financial Group Inc. owned about 0.50% of Tidewater worth $19,047,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Tidewater by 135.4% during the 2nd quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company's stock valued at $25,000 after buying an additional 153 shares during the last quarter. Quarry LP purchased a new position in shares of Tidewater during the 2nd quarter valued at $27,000. Transcendent Capital Group LLC purchased a new position in shares of Tidewater during the 1st quarter valued at $28,000. Hollencrest Capital Management purchased a new position in shares of Tidewater during the 2nd quarter valued at $30,000. Finally, Headlands Technologies LLC lifted its position in shares of Tidewater by 6,322.2% during the 2nd quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company's stock valued at $110,000 after buying an additional 1,138 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company's stock.

Tidewater Price Performance

NYSE TDW traded down $2.46 during trading on Friday, reaching $50.73. The company's stock had a trading volume of 1,032,987 shares, compared to its average volume of 909,916. The stock has a market capitalization of $2.65 billion, a PE ratio of 14.92 and a beta of 1.14. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.29 and a quick ratio of 2.19. The firm has a fifty day moving average of $66.06 and a 200 day moving average of $85.53. Tidewater Inc. has a one year low of $50.69 and a one year high of $111.42.

Tidewater declared that its Board of Directors has approved a stock 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 repurchase up to 0.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently commented on TDW. Raymond James cut Tidewater from a "strong-buy" rating to an "outperform" rating and dropped their price target for the company from $131.00 to $102.00 in a research report on Monday. StockNews.com raised Tidewater from a "sell" rating to a "hold" rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $102.25.

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.