Tidewater (NYSE:TDW) Shares Gap Down – Here’s What Happened

Shares of Tidewater Inc. (NYSE:TDW) gapped down prior to trading on Friday . The stock had previously closed at $64.15, but opened at $57.69. Tidewater shares last traded at $55.61, with a volume of 402,714 shares traded.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday. Raymond James upped their target price on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 8th. One investment 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 company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $111.25.

Tidewater Stock Down 13.4 %

The company has a market cap of $2.91 billion, a price-to-earnings ratio of 18.80 and a beta of 1.14. The company has a current ratio of 1.90, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. The firm’s fifty day moving average price is $69.41 and its 200-day moving average price is $87.19.

Tidewater (NYSE:TDW) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.22. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The company had revenue of $339.20 million during the quarter, compared to analyst estimates of $331.85 million. During the same quarter in the previous year, the business earned $0.46 EPS. The firm’s revenue was up 57.8% on a year-over-year basis. Sell-side analysts predict that Tidewater Inc. will post 4.4 earnings per share for the current year.

Tidewater declared that its Board of Directors has authorized a share buyback program on Tuesday, August 6th that authorizes the company to repurchase $13.90 million in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 0.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Tidewater

Several institutional investors and hedge funds have recently added to or reduced their stakes in TDW. CreativeOne Wealth LLC bought a new stake in shares of Tidewater in the 1st quarter valued at about $542,000. Russell Investments Group Ltd. raised its holdings in shares of Tidewater by 17.3% in the 1st quarter. Russell Investments Group Ltd. now owns 86,750 shares of the oil and gas company’s stock valued at $7,981,000 after purchasing an additional 12,799 shares during the period. Lord Abbett & CO. LLC bought a new stake in shares of Tidewater in the 1st quarter valued at about $5,658,000. Sei Investments Co. raised its holdings in shares of Tidewater by 106.8% in the 1st quarter. Sei Investments Co. now owns 13,987 shares of the oil and gas company’s stock valued at $1,287,000 after purchasing an additional 7,225 shares during the period. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of Tidewater in the 2nd quarter valued at about $1,241,000. 95.13% of the stock is owned by institutional investors.

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.