Navellier & Associates Inc. Sells 564 Shares of Tidewater Inc. (NYSE:TDW)

Navellier & Associates Inc. lessened its holdings in shares of Tidewater Inc. (NYSE:TDW) by 3.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,849 shares of the oil and gas company’s stock after selling 564 shares during the quarter. Navellier & Associates Inc.’s holdings in Tidewater were worth $994,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Sei Investments Co. increased its position in shares of Tidewater by 106.8% during 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 last quarter. State Board of Administration of Florida Retirement System grew its position in Tidewater by 24.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 16,871 shares of the oil and gas company’s stock valued at $1,552,000 after acquiring an additional 3,300 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Tidewater by 25.7% during the first quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock worth $442,956,000 after acquiring an additional 985,398 shares in the last quarter. CreativeOne Wealth LLC bought a new stake in shares of Tidewater in the 1st quarter worth approximately $542,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Tidewater during the 1st quarter valued at $28,000. 95.13% of the stock is currently owned by institutional investors.

Tidewater Price Performance

TDW opened at $52.42 on Friday. The company’s 50-day simple moving average is $64.47 and its two-hundred day simple moving average is $84.29. Tidewater Inc. has a 52-week low of $49.86 and a 52-week high of $111.42. The stock has a market capitalization of $2.74 billion, a P/E ratio of 15.42 and a beta of 1.14. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29.

Tidewater declared that its Board of Directors has authorized a stock buyback program on Tuesday, August 6th that allows the company to repurchase $13.90 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 0.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have issued reports on TDW. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. Raymond James downgraded Tidewater from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $131.00 to $102.00 in a research report on Monday, November 11th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tidewater presently has an average rating of “Moderate Buy” and a consensus target price of $102.25.

Tidewater 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.