Tidewater (NYSE:TDW) Announces Quarterly Earnings Results

Tidewater (NYSE:TDW) posted its earnings results on Tuesday. The oil and gas company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.22, Briefing.com reports. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The company had revenue of $339.20 million for the quarter, compared to analyst estimates of $331.85 million. During the same period last year, the company earned $0.46 earnings per share. The business’s revenue was up 57.8% compared to the same quarter last year. Tidewater updated its FY 2024 guidance to EPS.

Tidewater Stock Performance

NYSE TDW traded down $3.21 during midday trading on Wednesday, hitting $84.94. The company had a trading volume of 2,130,402 shares, compared to its average volume of 865,072. The firm has a fifty day simple moving average of $96.88 and a two-hundred day simple moving average of $90.54. Tidewater has a fifty-two week low of $54.53 and a fifty-two week high of $111.42. The company has a quick ratio of 1.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 33.84 and a beta of 1.20.

Insider Activity

In other Tidewater news, CEO Quintin Kneen sold 166,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $103.76, for a total value of $17,224,160.00. Following the completion of the sale, the chief executive officer now owns 335,718 shares in the company, valued at approximately $34,834,099.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Quintin Kneen sold 166,000 shares of the stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $103.76, for a total value of $17,224,160.00. Following the completion of the transaction, the chief executive officer now owns 335,718 shares in the company, valued at approximately $34,834,099.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth Traub sold 20,000 shares of Tidewater stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $106.38, for a total transaction of $2,127,600.00. Following the sale, the director now owns 68,802 shares in the company, valued at $7,319,156.76. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 532,909 shares of company stock valued at $56,457,485. Insiders own 8.33% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, BTIG Research raised their price objective on Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Tidewater currently has a consensus rating of “Moderate Buy” and an average target price of $102.33.

Tidewater announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 2nd that authorizes the company to repurchase $18.10 million in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 0.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.