Pekin Hardy Strauss Inc. Sells 6,725 Shares of Tidewater Inc. $TDW

Pekin Hardy Strauss Inc. cut its stake in Tidewater Inc. (NYSE:TDW) by 27.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,069 shares of the oil and gas company’s stock after selling 6,725 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Tidewater were worth $834,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in TDW. Price T Rowe Associates Inc. MD lifted its stake in Tidewater by 69.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company’s stock worth $165,058,000 after purchasing an additional 1,598,513 shares during the last quarter. Robotti Robert raised its holdings in shares of Tidewater by 8.5% during the 1st quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company’s stock valued at $120,750,000 after buying an additional 223,651 shares in the last quarter. Third Avenue Management LLC lifted its position in Tidewater by 37.6% in the 1st quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company’s stock worth $34,207,000 after buying an additional 221,079 shares during the last quarter. Hosking Partners LLP boosted its stake in Tidewater by 81.0% in the first quarter. Hosking Partners LLP now owns 394,257 shares of the oil and gas company’s stock worth $16,665,000 after buying an additional 176,494 shares in the last quarter. Finally, Punch & Associates Investment Management Inc. grew its position in Tidewater by 4.4% during the first quarter. Punch & Associates Investment Management Inc. now owns 336,282 shares of the oil and gas company’s stock valued at $14,215,000 after acquiring an additional 14,295 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TDW. Dnb Nor Markets lowered shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Tidewater in a research report on Wednesday, October 8th. Evercore ISI upped their price target on shares of Tidewater from $60.00 to $67.00 and gave the company an “in-line” rating in a research report on Wednesday, August 6th. BTIG Research cut Tidewater from a “buy” rating to a “neutral” rating in a research note on Monday, July 14th. Finally, Fearnley Fonds raised Tidewater to a “hold” rating in a research note on Tuesday, September 16th. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Tidewater currently has a consensus rating of “Hold” and an average target price of $69.00.

Tidewater Stock Performance

Shares of NYSE:TDW opened at $53.01 on Friday. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $53.60 and a 200-day moving average price of $49.54. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 13.73 and a beta of 1.00. Tidewater Inc. has a 12 month low of $31.17 and a 12 month high of $64.07.

Tidewater announced that its board has authorized a stock repurchase program on Monday, August 4th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the oil and gas company to reacquire up to 21.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is 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.