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Tidewater (NYSE:TDW) Shares Gap Up Following Insider Buying Activity

Tidewater logo with Oils/Energy background

Tidewater Inc. (NYSE:TDW - Get Free Report) gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $47.05, but opened at $49.55. Tidewater shares last traded at $48.77, with a volume of 171,054 shares trading hands.

Specifically, CEO Quintin Kneen bought 41,615 shares of the stock in a transaction dated Friday, December 13th. The shares were bought at an average cost of $48.06 per share, with a total value of $2,000,016.90. Following the completion of the transaction, the chief executive officer now directly owns 176,239 shares of the company's stock, valued at $8,470,046.34. This trade represents a 30.91 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of equities analysts have issued reports on TDW shares. Raymond James downgraded Tidewater from a "strong-buy" rating to an "outperform" rating and cut their price target for the company from $131.00 to $102.00 in a research note on Monday, November 11th. DNB Markets began coverage on Tidewater in a research report on Friday, November 29th. They set a "buy" rating and a $70.00 target price on the stock. Finally, StockNews.com raised Tidewater from a "sell" rating to a "hold" rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Tidewater currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.80.

View Our Latest Research Report on TDW

Tidewater Stock Performance

The company has a market cap of $2.75 billion, a P/E ratio of 15.45 and a beta of 1.10. The business has a 50 day moving average price of $56.49 and a two-hundred day moving average price of $77.33. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29.

Institutional Trading of Tidewater

A number of institutional investors and hedge funds have recently modified their holdings of TDW. SG Americas Securities LLC lifted its holdings in Tidewater by 60.3% in the second quarter. SG Americas Securities LLC now owns 5,061 shares of the oil and gas company's stock valued at $482,000 after acquiring an additional 1,903 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of Tidewater in the second quarter worth approximately $2,323,000. Calamos Advisors LLC grew its position in Tidewater by 25.3% during the second quarter. Calamos Advisors LLC now owns 29,511 shares of the oil and gas company's stock valued at $2,810,000 after buying an additional 5,962 shares during the period. Raymond James Trust N.A. purchased a new stake in Tidewater during the second quarter valued at approximately $216,000. Finally, Bank of New York Mellon Corp raised its position in Tidewater by 72.1% in the second quarter. Bank of New York Mellon Corp now owns 443,833 shares of the oil and gas company's stock worth $42,257,000 after acquiring an additional 185,972 shares during the period. Institutional investors own 95.13% of the company's stock.

About Tidewater

(Get 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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