VELA Investment Management LLC boosted its stake in Tidewater Inc. (NYSE:TDW – Free Report) by 17.5% during the second quarter, HoldingsChannel reports. The firm owned 40,537 shares of the oil and gas company’s stock after buying an additional 6,028 shares during the period. VELA Investment Management LLC’s holdings in Tidewater were worth $2,701,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Nykredit A S purchased a new stake in shares of Tidewater during the 2nd quarter valued at $139,000. Two Sigma Securities LLC bought a new position in Tidewater in the second quarter valued at $299,000. Alyeska Investment Group L.P. raised its position in Tidewater by 17.0% during the second quarter. Alyeska Investment Group L.P. now owns 207,468 shares of the oil and gas company’s stock valued at $13,824,000 after purchasing an additional 30,188 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Tidewater by 11.1% in the 2nd quarter. Wellington Management Group LLP now owns 1,475,804 shares of the oil and gas company’s stock worth $98,333,000 after purchasing an additional 147,189 shares in the last quarter. Finally, Valueworks LLC purchased a new position in shares of Tidewater in the 2nd quarter worth about $19,797,000. 95.13% of the stock is currently owned by institutional investors.
Tidewater Trading Up 0.1%
NYSE TDW opened at $94.32 on Monday. The firm has a market cap of $4.69 billion, a PE ratio of 19.09 and a beta of 0.56. Tidewater Inc. has a 1-year low of $46.65 and a 1-year high of $101.57. The stock has a 50-day moving average of $81.93 and a 200-day moving average of $79.90. The company has a current ratio of 3.58, a quick ratio of 3.47 and a debt-to-equity ratio of 0.47.
Analyst Upgrades and Downgrades
TDW has been the topic of a number of research reports. Barclays raised their price objective on Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. Zacks Research lowered Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings downgraded shares of Tidewater from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 28th. Pickering Energy Partners upgraded shares of Tidewater from an “underperform” rating to a “neutral” rating in a report on Thursday, June 11th. Finally, BTIG Research raised shares of Tidewater from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Tidewater presently has an average rating of “Moderate Buy” and a consensus target price of $98.25.
View Our Latest Research Report on TDW
Insider Transactions at Tidewater
In other Tidewater news, EVP Samuel R. Rubio sold 17,705 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $91.56, for a total transaction of $1,621,069.80. Following the completion of the sale, the executive vice president owned 33,214 shares of the company’s stock, valued at $3,041,073.84. This represents a 34.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Daniel A. Hudson sold 15,000 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the completion of the sale, the executive vice president directly owned 33,029 shares in the company, valued at approximately $3,272,513.32. This trade represents a 31.23% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 42,705 shares of company stock worth $4,097,270. Insiders own 5.90% of the company’s stock.
Tidewater Profile
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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