Bank of New York Mellon Corp Has $15.32 Million Stake in Tidewater Inc. (NYSE:TDW)

Bank of New York Mellon Corp trimmed its holdings in Tidewater Inc. (NYSE:TDW) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 362,402 shares of the oil and gas company’s stock after selling 22,682 shares during the period. Bank of New York Mellon Corp owned about 0.70% of Tidewater worth $15,319,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in shares of Tidewater during the fourth quarter worth about $4,347,000. HighTower Advisors LLC boosted its position in shares of Tidewater by 16.5% during the fourth quarter. HighTower Advisors LLC now owns 16,743 shares of the oil and gas company’s stock worth $916,000 after buying an additional 2,366 shares during the period. Commonwealth Equity Services LLC acquired a new position in shares of Tidewater during the fourth quarter worth about $293,000. Cibc World Markets Corp acquired a new position in shares of Tidewater during the fourth quarter worth about $250,000. Finally, American Century Companies Inc. boosted its position in shares of Tidewater by 64.7% during the fourth quarter. American Century Companies Inc. now owns 47,523 shares of the oil and gas company’s stock worth $2,600,000 after buying an additional 18,673 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert Robotti bought 15,000 shares of Tidewater stock in a transaction dated Wednesday, June 4th. The stock was bought at an average cost of $42.05 per share, for a total transaction of $630,750.00. Following the purchase, the director directly owned 2,234,957 shares in the company, valued at approximately $93,979,941.85. This represents a 0.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel A. Hudson sold 5,000 shares of Tidewater stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $50.02, for a total value of $250,100.00. Following the transaction, the executive vice president owned 85,986 shares of the company’s stock, valued at $4,301,019.72. This trade represents a 5.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 25,560 shares of company stock valued at $1,074,858. 8.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TDW shares. Raymond James Financial dropped their price objective on Tidewater from $76.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 7th. BTIG Research downgraded Tidewater from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Tidewater presently has a consensus rating of “Hold” and a consensus target price of $69.33.

Tidewater Trading Down 1.6%

NYSE TDW opened at $47.86 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.07 and a debt-to-equity ratio of 0.50. Tidewater Inc. has a twelve month low of $31.17 and a twelve month high of $105.32. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 14.33 and a beta of 1.08. The business’s fifty day moving average is $45.28 and its 200 day moving average is $45.44.

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, topping the consensus estimate of $0.59 by $0.24. Tidewater had a return on equity of 15.97% and a net margin of 12.98%. During the same quarter last year, the company posted $0.89 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that Tidewater Inc. will post 3.25 EPS for the current fiscal year.

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.