Tidewater Inc. (NYSE:TDW) CEO Sells $16,351,500.00 in Stock

Tidewater Inc. (NYSE:TDW) CEO Quintin Kneen sold 150,000 shares of Tidewater stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $109.01, for a total transaction of $16,351,500.00. Following the completion of the transaction, the chief executive officer now owns 501,718 shares in the company, valued at approximately $54,692,279.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Tidewater Stock Performance

TDW traded down $0.17 during midday trading on Thursday, reaching $106.97. The company’s stock had a trading volume of 947,101 shares, compared to its average volume of 775,740. Tidewater Inc. has a twelve month low of $42.61 and a twelve month high of $111.42. The company has a fifty day simple moving average of $91.59 and a 200 day simple moving average of $75.01. The stock has a market cap of $5.64 billion, a P/E ratio of 42.65 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.

Tidewater (NYSE:TDW) last released its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.40. The business 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 was up 66.3% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. Research analysts expect that Tidewater Inc. will post 4.94 earnings per share for the current year.

Tidewater announced that its board has authorized a share buyback plan on Thursday, February 29th that allows the company to repurchase $48.60 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 1.1% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Tidewater by 71.6% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 39,145 shares of the oil and gas company’s stock worth $2,823,000 after purchasing an additional 16,338 shares during the last quarter. Sheets Smith Wealth Management acquired a new stake in shares of Tidewater during the fourth quarter worth approximately $510,000. Cerity Partners LLC bought a new position in shares of Tidewater in the fourth quarter valued at approximately $25,322,000. FMR LLC boosted its holdings in shares of Tidewater by 1,294.4% in the 3rd quarter. FMR LLC now owns 1,064,896 shares of the oil and gas company’s stock worth $75,682,000 after acquiring an additional 988,528 shares in the last quarter. Finally, Must Asset Management Inc. bought a new stake in Tidewater during the 3rd quarter worth approximately $3,588,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TDW. Evercore ISI boosted their price target on shares of Tidewater from $87.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, March 4th. Johnson Rice assumed coverage on shares of Tidewater in a research note on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. Pickering Energy Partners initiated coverage on Tidewater in a research report on Tuesday, January 30th. They issued an “outperform” rating for the company. StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Finally, BTIG Research raised their price objective on Tidewater from $90.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus 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.