Tidewater (NYSE:TDW) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Tidewater Inc. (NYSE:TDW – Get Free Report) shares crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $87.22 and traded as high as $87.49. Tidewater shares last traded at $87.31, with a volume of 382,215 shares.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings upgraded Tidewater from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, October 12th. BTIG Research restated a “buy” rating and issued a $120.00 price target on shares of Tidewater in a research report on Friday, October 9th. Finally, Barclays upped their price target on shares of Tidewater from $86.00 to $91.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $98.25.

Get Our Latest Stock Report on TDW

Tidewater Trading Up 2.4%

The stock has a market cap of $4.34 billion, a P/E ratio of 17.67 and a beta of 0.60. The company has a debt-to-equity ratio of 0.47, a quick ratio of 3.47 and a current ratio of 3.58. The stock’s fifty day moving average is $87.22 and its 200 day moving average is $79.13.

Tidewater (NYSE:TDW – Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The oil and gas company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.03). Tidewater had a return on equity of 5.36% and a net margin of 18.34%. The company had revenue of $342.29 million for the quarter, compared to the consensus estimate of $329.97 million. During the same period in the previous year, the firm earned $1.46 earnings per share. The company’s revenue was up .3% compared to the same quarter last year. As a group, equities research analysts predict that Tidewater Inc. will post 3.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tidewater news, EVP Daniel Hudson sold 15,000 shares of Tidewater stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $99.08, for a total transaction of $1,486,200.00. Following the completion of the transaction, the executive vice president directly owned 33,029 shares of the company’s stock, valued at $3,272,513.32. The trade was a 31.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kenneth Traub sold 10,000 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $99.00, for a total transaction of $990,000.00. Following the transaction, the director owned 63,521 shares in the company, valued at $6,288,579. The trade was a 13.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 42,705 shares of company stock valued at $4,097,270 over the last three months. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Tidewater in the 2nd quarter valued at about $503,200,000. Robotti Robert purchased a new position in Tidewater during the second quarter valued at approximately $193,652,000. Bank of America Corp DE purchased a new position in Tidewater during the second quarter valued at approximately $28,293,000. Old West Investment Management LLC purchased a new position in Tidewater during the second quarter valued at approximately $26,238,000. Finally, Bank of New York Mellon Corp bought a new position in Tidewater in the second quarter worth approximately $24,842,000. 95.13% of the stock is currently owned by institutional investors.

Tidewater Company Profile

(Get Free Report)

Tidewater Inc (NYSE: TDW) is an offshore support vessel operator that provides marine transportation and logistics services to the global energy industry. The company supports offshore exploration, development, production, construction and decommissioning activities, transporting personnel, equipment and supplies between shore bases and offshore installations.

Tidewater operates a diverse fleet of vessels, including platform supply vessels, anchor-handling vessels, fast supply vessels, crew boats, tugboats and vessels used for subsea construction, survey and other specialized offshore work.

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