New York State Common Retirement Fund Sells 255 Shares of Tidewater Inc. (NYSE:TDW)

New York State Common Retirement Fund trimmed its position in shares of Tidewater Inc. (NYSE:TDW) by 1.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 25,930 shares of the oil and gas company’s stock after selling 255 shares during the period. New York State Common Retirement Fund’s holdings in Tidewater were worth $1,870,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TDW. Xponance Inc. acquired a new stake in Tidewater in the fourth quarter valued at approximately $204,000. Evergreen Capital Management LLC purchased a new position in Tidewater during the 3rd quarter worth $219,000. Precision Wealth Strategies LLC acquired a new position in Tidewater during the 3rd quarter valued at about $221,000. O Brien Greene & Co. Inc purchased a new stake in Tidewater in the third quarter valued at about $227,000. Finally, 180 Wealth Advisors LLC acquired a new stake in Tidewater in the third quarter worth about $234,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TDW has been the topic of several recent analyst reports. StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Evercore ISI raised their price target on shares of Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a report on Monday, March 4th. Pickering Energy Partners assumed coverage on shares of Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating on the stock. BTIG Research upped their target price on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Johnson Rice initiated coverage on Tidewater in a research report on Friday, February 9th. They set a “buy” rating and a $88.00 price target for the company. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $93.00.

Tidewater Stock Performance

Shares of NYSE TDW opened at $107.16 on Thursday. The company has a 50 day simple moving average of $91.59 and a two-hundred day simple moving average of $75.01. The stock has a market cap of $5.65 billion, a price-to-earnings ratio of 42.69 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 Inc. has a 12 month low of $40.65 and a 12 month high of $111.42.

Tidewater (NYSE:TDW) last issued its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. During the same quarter last year, the company posted $0.23 earnings per share. The firm’s revenue was up 66.3% compared to the same quarter last year. As a group, analysts predict that Tidewater Inc. will post 4.94 earnings per share for the current year.

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

Insider Buying and Selling at Tidewater

In related news, EVP Daniel A. Hudson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $82.00, for a total transaction of $656,000.00. Following the sale, the executive vice president now directly owns 104,312 shares of the company’s stock, valued at $8,553,584. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Tidewater news, CFO Samuel R. Rubio sold 19,641 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $81.36, for a total value of $1,597,991.76. Following the completion of the transaction, the chief financial officer now owns 98,036 shares in the company, valued at $7,976,208.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Daniel A. Hudson sold 8,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $82.00, for a total transaction of $656,000.00. Following the sale, the executive vice president now directly owns 104,312 shares in the company, valued at $8,553,584. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,462 shares of company stock worth $3,716,739. Insiders own 9.59% of the company’s stock.

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.