Assenagon Asset Management S.A. Sells 153,451 Shares of Tidewater Inc. (NYSE:TDW)

Assenagon Asset Management S.A. cut its position in Tidewater Inc. (NYSE:TDW) by 68.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,274 shares of the oil and gas company’s stock after selling 153,451 shares during the quarter. Assenagon Asset Management S.A. owned about 0.13% of Tidewater worth $2,928,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TDW. Principal Financial Group Inc. grew its stake in shares of Tidewater by 4.1% in the fourth quarter. Principal Financial Group Inc. now owns 276,113 shares of the oil and gas company’s stock valued at $15,106,000 after buying an additional 10,795 shares in the last quarter. Venturi Wealth Management LLC grew its stake in shares of Tidewater by 2,018.3% in the fourth quarter. Venturi Wealth Management LLC now owns 1,271 shares of the oil and gas company’s stock valued at $70,000 after buying an additional 1,211 shares in the last quarter. Mraz Amerine & Associates Inc. boosted its position in Tidewater by 4.0% during the fourth quarter. Mraz Amerine & Associates Inc. now owns 39,256 shares of the oil and gas company’s stock worth $2,148,000 after purchasing an additional 1,495 shares during the period. Private Advisor Group LLC boosted its position in Tidewater by 9.5% during the fourth quarter. Private Advisor Group LLC now owns 5,315 shares of the oil and gas company’s stock worth $291,000 after purchasing an additional 463 shares during the period. Finally, VELA Investment Management LLC boosted its position in Tidewater by 73.4% during the fourth quarter. VELA Investment Management LLC now owns 41,319 shares of the oil and gas company’s stock worth $2,261,000 after purchasing an additional 17,487 shares during the period. 95.13% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Robert Robotti acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was acquired at an average price of $42.14 per share, with a total value of $421,400.00. Following the completion of the transaction, the director now directly owns 2,219,957 shares of the company’s stock, valued at $93,548,987.98. This trade represents a 0.45% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders acquired 25,560 shares of company stock valued at $1,074,858. 8.33% of the stock is owned by company insiders.

Tidewater Trading Down 1.5%

Shares of Tidewater stock opened at $47.53 on Tuesday. The firm has a 50-day moving average of $39.60 and a 200-day moving average of $45.75. The stock has a market cap of $2.35 billion, a PE ratio of 13.98 and a beta of 1.07. Tidewater Inc. has a 52-week low of $31.17 and a 52-week high of $108.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.19 and a current ratio of 2.29.

Tidewater (NYSE:TDW) last announced its earnings results on Friday, May 9th. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.24. Tidewater had a net margin of 13.92% and a return on equity of 18.16%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share. As a group, sell-side analysts forecast that Tidewater Inc. will post 3.25 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Raymond James reduced their price objective on shares of Tidewater from $76.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $69.33.

Tidewater Company Profile

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.