Russell Investments Group Ltd. Trims Stake in Tidewater Inc. (NYSE:TDW)

Russell Investments Group Ltd. lowered its stake in Tidewater Inc. (NYSE:TDW) by 37.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 73,951 shares of the oil and gas company’s stock after selling 43,402 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of Tidewater worth $5,333,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parkside Financial Bank & Trust purchased a new position in shares of Tidewater during the 4th quarter worth $33,000. Xponance Inc. purchased a new position in shares of Tidewater during the 4th quarter worth $204,000. Evergreen Capital Management LLC purchased a new position in shares of Tidewater during the 3rd quarter worth $219,000. Precision Wealth Strategies LLC purchased a new position in shares of Tidewater during the 3rd quarter worth $221,000. Finally, O Brien Greene & Co. Inc purchased a new position in shares of Tidewater during the 3rd quarter worth $227,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Tidewater Stock Down 0.2 %

Shares of NYSE TDW opened at $106.97 on Friday. Tidewater Inc. has a 12-month low of $42.61 and a 12-month high of $111.42. The company has a market cap of $5.64 billion, a P/E ratio of 42.62 and a beta of 1.21. The company has a current ratio of 1.81, a quick ratio of 1.74 and a debt-to-equity ratio of 0.59. The stock has a fifty day moving average price of $92.32 and a 200 day moving average price of $75.23.

Tidewater (NYSE:TDW) last posted its quarterly earnings data on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. The company had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm’s revenue for the quarter was up 66.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.23 EPS. Research analysts anticipate that Tidewater Inc. will post 4.94 EPS for the current fiscal year.

Tidewater declared that its Board of Directors has approved a stock repurchase program on Thursday, February 29th that authorizes the company to buyback $48.60 million in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 1.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Tidewater

In other Tidewater news, EVP Daniel A. Hudson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the completion of the transaction, the executive vice president now directly owns 104,312 shares of the company’s stock, valued at approximately $8,553,584. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Tidewater news, EVP Daniel A. Hudson sold 8,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the completion of the transaction, the executive vice president now directly owns 104,312 shares of the company’s stock, valued at approximately $8,553,584. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Daniel A. Hudson sold 20,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $109.00, for a total transaction of $2,180,000.00. Following the completion of the transaction, the executive vice president now directly owns 74,542 shares of the company’s stock, valued at $8,125,078. The disclosure for this sale can be found here. Insiders sold a total of 264,985 shares of company stock valued at $27,607,220 in the last ninety days. Insiders own 9.59% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on TDW shares. Johnson Rice started coverage on Tidewater in a report on Friday, February 9th. They set a “buy” rating and a $88.00 price objective for the company. Evercore ISI upped their price objective on Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. BTIG Research upped their price objective on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Pickering Energy Partners started coverage on Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating for the company. Finally, StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $93.00.

About Tidewater

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, 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; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.