Canoe Financial LP Acquires Shares of 274,800 Tidewater Inc. $TDW

Canoe Financial LP acquired a new position in shares of Tidewater Inc. (NYSE:TDW – Free Report) in the first quarter, HoldingsChannel.com reports. The fund acquired 274,800 shares of the oil and gas company’s stock, valued at approximately $22,960,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TDW. Lido Advisors LLC raised its holdings in Tidewater by 2.8% during the fourth quarter. Lido Advisors LLC now owns 5,509 shares of the oil and gas company’s stock worth $290,000 after purchasing an additional 149 shares in the last quarter. Clearstead Advisors LLC boosted its holdings in Tidewater by 22.2% in the 4th quarter. Clearstead Advisors LLC now owns 871 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 158 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Tidewater by 15.5% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,239 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 166 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in Tidewater by 1.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 10,579 shares of the oil and gas company’s stock worth $534,000 after purchasing an additional 200 shares during the period. Finally, Manatuck Hill Partners LLC increased its position in Tidewater by 5.1% during the 4th quarter. Manatuck Hill Partners LLC now owns 4,100 shares of the oil and gas company’s stock worth $207,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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Tidewater Trading Down 0.9%

Shares of TDW opened at $66.73 on Monday. Tidewater Inc. has a twelve month low of $45.18 and a twelve month high of $93.13. The company has a current ratio of 3.33, a quick ratio of 3.22 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $3.32 billion, a P/E ratio of 11.18 and a beta of 0.50. The firm’s 50-day moving average is $77.94 and its two-hundred day moving average is $71.52.

Tidewater (NYSE:TDW – Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.63). The company had revenue of $326.22 million for the quarter, compared to analyst estimates of $322.83 million. Tidewater had a net margin of 22.16% and a return on equity of 8.79%. Tidewater’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.83 earnings per share. On average, research analysts predict that Tidewater Inc. will post 3.52 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Barclays raised their price target on Tidewater from $80.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Pickering Energy Partners raised Tidewater from an “underperform” rating to a “neutral” rating in a report on Thursday, June 11th. Raymond James Financial set a $117.00 price objective on Tidewater in a research report on Tuesday, March 3rd. Zacks Research downgraded Tidewater from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, Fearnley Fonds raised Tidewater from a “hold” rating to a “strong-buy” rating in a report on Friday, June 5th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Tidewater currently has an average rating of “Hold” and an average target price of $89.33.

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Tidewater Profile

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Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.

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