Tidewater (NYSE:TDW) Reaches New 52-Week High Following Strong Earnings

Tidewater Inc. (NYSE:TDW) reached a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $104.74 and last traded at $104.16, with a volume of 633770 shares changing hands. The stock had previously closed at $93.89.

The oil and gas company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.52%. The business had revenue of $321.20 million for the quarter, compared to the consensus estimate of $312.05 million. During the same quarter last year, the firm posted $0.23 EPS. The company’s revenue for the quarter was up 66.3% on a year-over-year basis.

Tidewater announced that its Board of Directors has authorized a share repurchase program on Thursday, February 29th that authorizes the company to buyback $48.60 million in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 1.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TDW. Pickering Energy Partners initiated coverage on shares of Tidewater in a research note on Tuesday, January 30th. They issued an “outperform” rating for the company. BTIG Research boosted their target price on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Evercore ISI upped their target price on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a research report on Monday, March 4th. Johnson Rice assumed coverage on Tidewater in a report on Friday, February 9th. They issued a “buy” rating and a $88.00 price target for the company. Finally, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $93.00.

Insider Buying and Selling at Tidewater

In related news, CFO Samuel R. Rubio sold 19,641 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $81.36, for a total value of $1,597,991.76. Following the sale, the chief financial officer now owns 98,036 shares in the company, valued at $7,976,208.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Tidewater news, COO David E. Darling sold 17,821 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $82.08, for a total transaction of $1,462,747.68. Following the sale, the chief operating officer now directly owns 85,959 shares of the company’s stock, valued at approximately $7,055,514.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Samuel R. Rubio sold 19,641 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the transaction, the chief financial officer now directly owns 98,036 shares of the company’s stock, valued at approximately $7,976,208.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,462 shares of company stock worth $3,716,739. 9.59% of the stock is currently owned by insiders.

Institutional Trading of Tidewater

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Tidewater by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 3,829,340 shares of the oil and gas company’s stock valued at $276,134,000 after buying an additional 30,740 shares in the last quarter. Boston Partners increased its position in shares of Tidewater by 32,536.3% during the fourth quarter. Boston Partners now owns 2,080,236 shares of the oil and gas company’s stock worth $149,928,000 after purchasing an additional 2,073,862 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Tidewater by 1.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,805,483 shares of the oil and gas company’s stock valued at $130,195,000 after purchasing an additional 31,292 shares during the last quarter. FMR LLC lifted its holdings in Tidewater by 1,294.4% in the 3rd quarter. FMR LLC now owns 1,064,896 shares of the oil and gas company’s stock valued at $75,682,000 after purchasing an additional 988,528 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in Tidewater by 2.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 635,763 shares of the oil and gas company’s stock worth $45,183,000 after purchasing an additional 16,102 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

Tidewater Price Performance

The stock’s fifty day moving average price is $89.44 and its 200-day moving average price is $74.23. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.80 and a quick ratio of 1.70. The firm has a market cap of $5.57 billion, a PE ratio of 42.43 and a beta of 1.21.

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.