Zacks Investment Research upgraded shares of Tidewater Inc. (NYSE:TDW) from a hold rating to a buy rating in a research note released on Wednesday, July 19th. They currently have $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 up 6.67% on Wednesday, reaching $0.96. 1,815,363 shares of the company’s stock were exchanged. The firm’s 50 day moving average price is $0.84 and its 200-day moving average price is $1.15. Tidewater has a 12 month low of $0.66 and a 12 month high of $4.75. The company’s market capitalization is $45.24 million.
Tidewater (NYSE:TDW) last released its quarterly earnings data on Monday, June 12th. The oil and gas company reported ($0.94) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $118.75 million. On average, equities analysts anticipate that Tidewater will post ($5.40) EPS for the current year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in 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 in the last quarter. Snow Capital Management LP raised its position in 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 in the last quarter. OppenheimerFunds Inc. raised its position in Tidewater by 369.5% in the first quarter. OppenheimerFunds Inc. now owns 526,225 shares of the oil and gas company’s stock valued at $605,000 after buying an additional 414,142 shares in the last quarter. Janney Montgomery Scott LLC raised its position in 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 in the last quarter. Finally, California Public Employees Retirement System raised its position in 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 in the last quarter. Hedge funds and other institutional investors own 79.41% 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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