AlphaQuest LLC Sells 3,566 Shares of Tidewater Inc. $TDW

AlphaQuest LLC cut its position in Tidewater Inc. (NYSE:TDW) by 52.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,190 shares of the oil and gas company’s stock after selling 3,566 shares during the quarter. AlphaQuest LLC’s holdings in Tidewater were worth $147,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Tidewater by 69.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,904,826 shares of the oil and gas company’s stock valued at $165,058,000 after acquiring an additional 1,598,513 shares during the period. Robotti Robert boosted its position in shares of Tidewater by 8.5% in the first quarter. Robotti Robert now owns 2,856,631 shares of the oil and gas company’s stock valued at $120,750,000 after acquiring an additional 223,651 shares during the period. Third Avenue Management LLC boosted its holdings in Tidewater by 37.6% in the 1st quarter. Third Avenue Management LLC now owns 809,258 shares of the oil and gas company’s stock valued at $34,207,000 after purchasing an additional 221,079 shares during the period. Hosking Partners LLP boosted its holdings in Tidewater by 81.0% in the 1st quarter. Hosking Partners LLP now owns 394,257 shares of the oil and gas company’s stock valued at $16,665,000 after purchasing an additional 176,494 shares during the period. Finally, Punch & Associates Investment Management Inc. boosted its holdings in Tidewater by 4.4% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 336,282 shares of the oil and gas company’s stock valued at $14,215,000 after purchasing an additional 14,295 shares during the period. 95.13% of the stock is currently owned by institutional investors.

Tidewater Stock Performance

NYSE TDW opened at $51.97 on Tuesday. The company has a current ratio of 2.11, a quick ratio of 2.04 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of 13.46 and a beta of 1.05. The firm’s 50 day simple moving average is $54.29 and its 200 day simple moving average is $49.27. Tidewater Inc. has a 1 year low of $31.17 and a 1 year high of $65.76.

Tidewater (NYSE:TDW) last released its earnings results on Monday, August 4th. The oil and gas company reported $1.23 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.95. Tidewater had a return on equity of 16.74% and a net margin of 14.62%.The firm had revenue of $341.43 million during the quarter, compared to analysts’ expectations of $317.28 million. During the same period in the prior year, the company earned $0.94 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts expect that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Tidewater announced that its board has authorized a stock repurchase plan on Monday, August 4th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 21.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Tidewater in a report on Wednesday, October 8th. Dnb Nor Markets cut Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Zacks Research cut Tidewater from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Fearnley Fonds upgraded Tidewater to a “hold” rating in a research report on Tuesday, September 16th. Finally, BTIG Research downgraded Tidewater from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $69.00.

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.