Zacks Investment Research upgraded shares of Tidewater (NYSE:TDW) from a hold rating to a buy rating in a report issued on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $20.00 target price on the oil and gas company’s stock.
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According to Zacks, “Tidewater Inc. provides offshore service vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels. The Company tows and anchor-handles mobile drilling rigs and equipment, transports supplies and personnel, and supports pipe laying and other offshore construction activities. Its operating segment consists of Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. The company serves oil and natural gas exploration, field development, and production companies; independent exploration and production companies; government-owned or government-controlled organizations, and other companies; drilling contractors and other companies. Tidewater Inc. is headquartered in New Orleans, Louisiana. “
Several other research analysts have also issued reports on TDW. TheStreet lowered shares of Tidewater from a c- rating to a d+ rating in a report on Friday, October 18th. ValuEngine upgraded shares of Tidewater from a buy rating to a strong-buy rating in a report on Thursday, August 1st.
Tidewater stock traded up $0.20 during mid-day trading on Thursday, hitting $17.53. 69,668 shares of the stock were exchanged, compared to its average volume of 189,786. The company has a quick ratio of 4.15, a current ratio of 4.34 and a debt-to-equity ratio of 0.38. Tidewater has a 12 month low of $13.60 and a 12 month high of $27.39. The firm’s fifty day simple moving average is $15.72 and its two-hundred day simple moving average is $19.54. The stock has a market capitalization of $663.74 million, a price-to-earnings ratio of -2.72 and a beta of 1.60.
Tidewater (NYSE:TDW) last released its quarterly earnings results on Monday, August 12th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.86) by $0.44. Tidewater had a negative net margin of 34.78% and a negative return on equity of 12.46%. The firm had revenue of $125.86 million during the quarter, compared to analyst estimates of $131.77 million. During the same quarter last year, the business earned ($0.44) EPS. The company’s revenue was up 19.2% compared to the same quarter last year. As a group, analysts forecast that Tidewater will post -1.54 earnings per share for the current fiscal year.
In related news, Director Kenneth H. Traub acquired 5,000 shares of Tidewater stock in a transaction dated Thursday, September 12th. The stock was bought at an average price of $17.67 per share, with a total value of $88,350.00. Following the transaction, the director now directly owns 27,088 shares in the company, valued at approximately $478,644.96. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.47% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Tidewater by 75.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,208 shares of the oil and gas company’s stock worth $33,000 after buying an additional 953 shares during the period. Quantamental Technologies LLC grew its position in shares of Tidewater by 157.1% during the 2nd quarter. Quantamental Technologies LLC now owns 1,800 shares of the oil and gas company’s stock worth $42,000 after buying an additional 1,100 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of Tidewater during the 2nd quarter worth approximately $70,000. Metropolitan Life Insurance Co NY grew its position in shares of Tidewater by 15.8% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 9,686 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,320 shares during the period. Finally, Altshuler Shaham Ltd acquired a new stake in shares of Tidewater during the 2nd quarter worth approximately $260,000. 82.57% of the stock is owned by institutional investors.
Tidewater Company Profile
Tidewater Inc provides offshore marine support and transportation services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore exploration, field development, and production, 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; and various specialized services, such as pipe and cable laying.
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