Tidewater Inc. (NYSE:TDW) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lifted its holdings in shares of Tidewater Inc. (NYSE:TDWFree Report) by 71.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 374 shares of the oil and gas company’s stock after buying an additional 156 shares during the period. PNC Financial Services Group Inc.’s holdings in Tidewater were worth $27,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Parkside Financial Bank & Trust purchased a new position in Tidewater during the fourth quarter worth about $33,000. Spire Wealth Management raised its holdings in Tidewater by 608.4% during the fourth quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company’s stock worth $121,000 after purchasing an additional 1,521 shares in the last quarter. Xponance Inc. purchased a new position in Tidewater during the fourth quarter worth about $204,000. Private Advisor Group LLC purchased a new position in Tidewater during the fourth quarter worth about $210,000. Finally, Versor Investments LP purchased a new position in Tidewater during the fourth quarter worth about $220,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analysts Set New Price Targets

Separately, BTIG Research increased their price target on shares of Tidewater from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, May 10th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $98.00.

Get Our Latest Stock Analysis on Tidewater

Insider Transactions at Tidewater

In related news, CEO Quintin Kneen sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $109.01, for a total transaction of $16,351,500.00. Following the sale, the chief executive officer now owns 501,718 shares in the company, valued at $54,692,279.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Quintin Kneen sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $109.01, for a total transaction of $16,351,500.00. Following the sale, the chief executive officer now owns 501,718 shares in the company, valued at $54,692,279.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert Robotti sold 170,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $107.62, for a total transaction of $18,295,400.00. Following the sale, the director now owns 2,533,037 shares in the company, valued at approximately $272,605,441.94. The disclosure for this sale can be found here. Insiders sold a total of 733,926 shares of company stock valued at $78,328,615 in the last ninety days. Corporate insiders own 8.33% of the company’s stock.

Tidewater Trading Up 0.7 %

Shares of Tidewater stock opened at $94.77 on Tuesday. Tidewater Inc. has a 12-month low of $54.53 and a 12-month high of $111.42. 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 market cap of $5.00 billion, a PE ratio of 37.76 and a beta of 1.20. The company has a 50-day moving average of $99.76 and a two-hundred day moving average of $86.37.

Tidewater (NYSE:TDWGet Free Report) last issued its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The company had revenue of $321.20 million during the quarter, compared to analysts’ expectations of $312.05 million. During the same period last year, the company posted $0.23 earnings per share. The firm’s quarterly revenue was up 66.3% compared to the same quarter last year. On average, research analysts anticipate that Tidewater Inc. will post 4.68 EPS for the current fiscal year.

Tidewater declared that its Board of Directors has authorized a share buyback plan on Thursday, May 2nd that authorizes the company to repurchase $18.10 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 0.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Tidewater Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tidewater (NYSE:TDW)

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