PNC Financial Services Group Inc. Cuts Stock Holdings in Tidewater Inc. (NYSE:TDW)

PNC Financial Services Group Inc. lessened its holdings in Tidewater Inc. (NYSE:TDW) by 40.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,711 shares of the oil and gas company’s stock after selling 1,154 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tidewater were worth $94,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its position in Tidewater by 42,719.6% during the fourth quarter. Pacer Advisors Inc. now owns 1,394,207 shares of the oil and gas company’s stock worth $76,277,000 after purchasing an additional 1,390,951 shares in the last quarter. Villere ST Denis J & Co. LLC lifted its stake in Tidewater by 35.1% in the 4th quarter. Villere ST Denis J & Co. LLC now owns 486,808 shares of the oil and gas company’s stock valued at $26,633,000 after buying an additional 126,441 shares in the last quarter. Van ECK Associates Corp increased its position in Tidewater by 17.5% during the 4th quarter. Van ECK Associates Corp now owns 836,253 shares of the oil and gas company’s stock worth $45,752,000 after purchasing an additional 124,610 shares in the last quarter. Empire Life Investments Inc. boosted its stake in shares of Tidewater by 29.6% during the 4th quarter. Empire Life Investments Inc. now owns 380,890 shares of the oil and gas company’s stock worth $20,838,000 after purchasing an additional 87,006 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Tidewater by 59.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 222,725 shares of the oil and gas company’s stock worth $12,185,000 after buying an additional 82,780 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Insider Transactions at Tidewater

In other Tidewater news, Director Robert Robotti purchased 1,770 shares of Tidewater stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $40.95 per share, with a total value of $72,481.50. Following the completion of the transaction, the director now directly owns 2,183,670 shares in the company, valued at approximately $89,421,286.50. This represents a 0.08 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.33% of the company’s stock.

Tidewater Stock Performance

Shares of NYSE:TDW opened at $43.56 on Wednesday. The business has a 50-day moving average of $49.47 and a two-hundred day moving average of $55.94. The firm has a market capitalization of $2.24 billion, a PE ratio of 12.81 and a beta of 1.06. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.29 and a quick ratio of 2.19. Tidewater Inc. has a 12 month low of $38.65 and a 12 month high of $111.42.

Analyst Ratings Changes

A number of brokerages have weighed in on TDW. Evercore ISI cut Tidewater from an “outperform” rating to an “in-line” rating and decreased their price objective for the stock from $112.00 to $68.00 in a report on Wednesday, January 15th. DNB Markets assumed coverage on Tidewater in a report on Friday, November 29th. They issued a “buy” rating and a $70.00 price target for the company. Finally, Pickering Energy Partners lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.50.

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.