Zacks Investment Research upgraded shares of Tidewater Inc. (NYSE:TDW) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $1.00 target price on the oil and gas company’s stock.
According to Zacks, “Tidewater, Inc. owns and operates one of the world’s largest fleets serving the international offshore energy industry. Tidewater vessels can be found in virtually every area of the world where there is significant oil and gas exploration, development or production. These provide a wide range of services including: transporting crews and supplies between the mainland and offshore locations; towing and positioning mobile drilling rigs; assisting in offshore construction projects; and a variety of specialized services including cable laying and 3-D seismic work. “
Shares of Tidewater (NYSE:TDW) traded down 0.430% on Wednesday, hitting $0.926. 222,656 shares of the stock were exchanged. The company has a 50-day moving average price of $0.81 and a 200 day moving average price of $1.25. Tidewater has a 12 month low of $0.66 and a 12 month high of $5.13. The company’s market cap is $43.63 million.
Tidewater (NYSE:TDW) last posted its earnings results on Monday, June 12th. The oil and gas company reported ($0.94) EPS for the quarter, beating the consensus estimate of ($1.29) by $0.35. Tidewater had a negative return on equity of 6.16% and a negative net margin of 109.72%. The firm had revenue of $160.75 million for the quarter, compared to analysts’ expectations of $118.75 million. Equities analysts forecast that Tidewater will post ($5.36) EPS for the current fiscal year.
Several institutional investors have recently modified their holdings of TDW. Bank of New York Mellon Corp boosted its position in shares of Tidewater by 391.0% in the first quarter. Bank of New York Mellon Corp now owns 3,082,382 shares of the oil and gas company’s stock valued at $3,545,000 after buying an additional 2,454,595 shares during the period. Snow Capital Management LP boosted its position in shares of Tidewater by 60.0% in the first quarter. Snow Capital Management LP now owns 2,940,264 shares of the oil and gas company’s stock valued at $3,381,000 after buying an additional 1,102,630 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Tidewater by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,509,791 shares of the oil and gas company’s stock valued at $1,737,000 after buying an additional 112,779 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Tidewater by 34.1% in the first quarter. Janney Montgomery Scott LLC now owns 1,427,772 shares of the oil and gas company’s stock valued at $1,642,000 after buying an additional 362,676 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Tidewater by 30.1% in the first quarter. California Public Employees Retirement System now owns 1,368,046 shares of the oil and gas company’s stock valued at $1,573,000 after buying an additional 316,600 shares during the period. Institutional investors own 80.30% of the company’s stock.
About Tidewater
Tidewater Inc provides offshore service vessels and marine support services. The Company operates through four segments: Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. Its Americas segment includes the activities of the Company’s North American operations, which include operations in the United States Gulf of Mexico (GOM), and the United States and Canadian coastal waters of the Pacific and Atlantic oceans, as well as operations of offshore Mexico, Trinidad and Brazil.
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