November 10, 2019 at 2:37 pm

Zacks Investment Research Upgrades Tidewater (NYSE:TDW) to “Buy”

by

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.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

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.

Featured Article: What is the S&P 500 Index?

Get a free copy of the Zacks research report on Tidewater (TDW)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Leave a Comment

Your email address will not be published. Required fields are marked *