Tidewater (NYSE:TDW) Trading Up 3.2% – Here’s What Happened

Shares of Tidewater Inc. (NYSE:TDW) rose 3.2% on Wednesday . The company traded as high as $45.08 and last traded at $44.90. Approximately 94,788 shares changed hands during trading, a decline of 91% from the average daily volume of 1,009,354 shares. The stock had previously closed at $43.51.

Analyst Ratings Changes

TDW has been the subject of a number of recent analyst reports. DNB Markets began coverage on shares of Tidewater in a research note on Friday, November 29th. They issued a “buy” rating and a $70.00 target price for the company. Pickering Energy Partners downgraded shares of Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 14th. Finally, Evercore ISI cut shares of Tidewater from an “outperform” rating to an “in-line” rating and decreased their target price for the company from $112.00 to $68.00 in a research note on Wednesday, January 15th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Tidewater currently has an average rating of “Moderate Buy” and an average price target of $92.50.

Tidewater Price Performance

The company has a market capitalization of $2.28 billion, a PE ratio of 13.05 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. The stock’s 50 day simple moving average is $49.47 and its 200-day simple moving average is $55.94.

Insiders Place Their Bets

In other Tidewater news, Director Robert Robotti purchased 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 13th. The shares were purchased at an average cost of $40.11 per share, for a total transaction of $1,002,750.00. Following the completion of the purchase, the director now directly owns 2,208,670 shares in the company, valued at $88,589,753.70. This represents a 1.14 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 8.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tidewater

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. 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. Norges Bank acquired a new position in shares of Tidewater in the fourth quarter worth about $32,388,000. Price T Rowe Associates Inc. MD boosted its holdings in Tidewater by 20.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company’s stock valued at $126,180,000 after purchasing an additional 390,814 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Tidewater by 22.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company’s stock valued at $84,888,000 after purchasing an additional 286,097 shares in the last quarter. Finally, Encompass Capital Advisors LLC increased its holdings in Tidewater by 17.7% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company’s stock worth $86,569,000 after purchasing an additional 238,170 shares during the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

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.