Cannell Capital LLC Sells 71,650 Shares of Tidewater Inc. (NYSE:TDW)

Cannell Capital LLC lowered its position in Tidewater Inc. (NYSE:TDWFree Report) by 23.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 229,337 shares of the oil and gas company’s stock after selling 71,650 shares during the period. Tidewater makes up about 3.5% of Cannell Capital LLC’s investment portfolio, making the stock its 10th biggest position. Cannell Capital LLC owned approximately 0.43% of Tidewater worth $16,537,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of TDW. Parkside Financial Bank & Trust purchased a new position in shares of Tidewater during the 4th quarter worth $33,000. Spire Wealth Management raised its position in shares of Tidewater by 608.4% in the 4th quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company’s stock worth $121,000 after buying an additional 1,521 shares during the period. Xponance Inc. purchased a new position in shares of Tidewater in the 4th quarter worth $204,000. Private Advisor Group LLC purchased a new position in shares of Tidewater in the 4th quarter worth $210,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Tidewater in the 3rd quarter worth $219,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Tidewater Stock Up 2.6 %

NYSE:TDW traded up $2.71 during mid-day trading on Wednesday, reaching $105.74. The stock had a trading volume of 1,383,566 shares, compared to its average volume of 787,522. The company has a market capitalization of $5.58 billion, a price-to-earnings ratio of 41.03 and a beta of 1.22. Tidewater Inc. has a 1-year low of $42.62 and a 1-year high of $111.42. The stock’s 50 day simple moving average is $99.38 and its two-hundred day simple moving average is $81.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74.

Tidewater (NYSE:TDWGet Free Report) last issued its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.40. The firm had revenue of $321.20 million for the quarter, compared to analysts’ expectations of $312.05 million. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. Tidewater’s revenue was up 66.3% on a year-over-year basis. During the same quarter last year, the company posted $0.23 earnings per share. Equities analysts anticipate that Tidewater Inc. will post 4.68 EPS for the current year.

Tidewater announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 29th that permits the company to buyback $48.60 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 1.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Tidewater

In other Tidewater news, CEO Quintin Kneen sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $109.01, for a total value of $16,351,500.00. Following the completion of the sale, the chief executive officer now directly owns 501,718 shares in the company, valued at $54,692,279.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Tidewater news, EVP Daniel A. Hudson sold 20,000 shares of the company’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $109.00, for a total value of $2,180,000.00. Following the transaction, the executive vice president now owns 74,542 shares of the company’s stock, valued at $8,125,078. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Quintin Kneen sold 150,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $109.01, for a total value of $16,351,500.00. Following the completion of the transaction, the chief executive officer now directly owns 501,718 shares in the company, valued at approximately $54,692,279.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 547,926 shares of company stock worth $58,976,855. Company insiders own 8.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TDW shares. BTIG Research raised their price objective on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, May 10th. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Finally, Evercore ISI raised their price objective on Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a research report on Monday, March 4th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $98.00.

Check Out Our Latest Stock Analysis on Tidewater

Tidewater Company Profile

(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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Institutional Ownership by Quarter for Tidewater (NYSE:TDW)

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