VELA Investment Management LLC Buys 1,583 Shares of Tidewater Inc. (NYSE:TDW)

VELA Investment Management LLC boosted its holdings in Tidewater Inc. (NYSE:TDW) by 7.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,832 shares of the oil and gas company’s stock after acquiring an additional 1,583 shares during the quarter. VELA Investment Management LLC’s holdings in Tidewater were worth $1,711,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Tidewater by 25.7% in the first quarter. Vanguard Group Inc. now owns 4,814,738 shares of the oil and gas company’s stock valued at $442,956,000 after buying an additional 985,398 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Tidewater by 11,317.3% during the second quarter. Hsbc Holdings PLC now owns 645,418 shares of the oil and gas company’s stock worth $60,992,000 after purchasing an additional 639,765 shares in the last quarter. Nationale Nederlanden Powszechne Towarzystwo Emerytalne S.A. acquired a new position in shares of Tidewater during the first quarter worth approximately $34,898,000. Boston Partners boosted its stake in Tidewater by 11.7% in the first quarter. Boston Partners now owns 2,323,725 shares of the oil and gas company’s stock valued at $214,055,000 after acquiring an additional 243,489 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Tidewater by 622.0% in the second quarter. Principal Financial Group Inc. now owns 277,346 shares of the oil and gas company’s stock valued at $26,406,000 after acquiring an additional 238,933 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

Tidewater Trading Down 2.1 %

Shares of NYSE TDW traded down $1.25 during midday trading on Friday, reaching $58.82. 1,008,637 shares of the stock were exchanged, compared to its average volume of 1,038,530. The business has a 50-day simple moving average of $72.15 and a two-hundred day simple moving average of $88.20. The company has a market capitalization of $3.09 billion, a price-to-earnings ratio of 19.48 and a beta of 1.15. Tidewater Inc. has a 12 month low of $54.53 and a 12 month high of $111.42. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.82.

Tidewater (NYSE:TDW) last issued its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.22. Tidewater had a net margin of 12.77% and a return on equity of 18.04%. The business had revenue of $339.20 million for the quarter, compared to analyst estimates of $331.85 million. During the same period last year, the business posted $0.46 earnings per share. The firm’s quarterly revenue was up 57.8% on a year-over-year basis. As a group, equities research analysts expect that Tidewater Inc. will post 4.4 EPS for the current year.

Tidewater announced that its Board of Directors has approved a share repurchase program on Tuesday, August 6th that authorizes the company to buyback $13.90 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 0.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

TDW has been the topic of a number of recent research reports. Raymond James raised their price objective on shares of Tidewater from $133.00 to $138.00 and gave the company a “strong-buy” rating in a research note on Thursday, August 8th. StockNews.com cut shares of Tidewater from a “hold” rating to a “sell” rating in a research report on Saturday, October 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.25.

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.