Tidewater (NYSE:TDW) Sets New 1-Year Low – Here’s Why

Shares of Tidewater Inc. (NYSE:TDW) reached a new 52-week low on Monday . The company traded as low as $50.64 and last traded at $50.89, with a volume of 144130 shares changing hands. The stock had previously closed at $50.73.

Analyst Ratings Changes

A number of analysts have commented on the stock. Raymond James cut shares of Tidewater from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $131.00 to $102.00 in a report on Monday, November 11th. StockNews.com raised shares of Tidewater from a “sell” rating to a “hold” rating in a report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.25.

Tidewater Stock Down 0.6 %

The firm has a market capitalization of $2.65 billion, a P/E ratio of 14.91 and a beta of 1.14. The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54. The company has a 50 day simple moving average of $65.23 and a two-hundred day simple moving average of $84.75.

Tidewater declared that its board has authorized a stock buyback plan on Tuesday, August 6th that authorizes the company to buyback $13.90 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 0.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Tidewater

Several hedge funds have recently bought and sold shares of TDW. GAMMA Investing LLC increased its holdings in shares of Tidewater by 135.4% in the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 153 shares during the last quarter. Quarry LP bought a new stake in Tidewater in the 2nd quarter worth approximately $27,000. Transcendent Capital Group LLC purchased a new stake in shares of Tidewater during the 1st quarter worth approximately $28,000. Hollencrest Capital Management bought a new position in shares of Tidewater during the 2nd quarter valued at approximately $30,000. Finally, Northwest & Ethical Investments L.P. purchased a new position in shares of Tidewater in the third quarter valued at $65,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.