Tidewater (NYSE:TDW) Sets New 12-Month Low – Here’s What Happened

Shares of Tidewater Inc. (NYSE:TDW) hit a new 52-week low during trading on Wednesday . The stock traded as low as $49.71 and last traded at $49.94, with a volume of 419568 shares. The stock had previously closed at $51.83.

Wall Street Analyst Weigh In

Several analysts have commented on TDW shares. Raymond James cut shares of Tidewater from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $131.00 to $102.00 in a research note on Monday, November 11th. DNB Markets started coverage on shares of Tidewater in a research note on Friday, November 29th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, StockNews.com upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Tidewater presently has an average rating of “Moderate Buy” and an average target price of $95.80.

Tidewater Price Performance

The firm’s 50-day moving average price is $60.73 and its 200-day moving average price is $80.87. 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 stock has a market capitalization of $2.60 billion, a PE ratio of 14.76 and a beta of 1.10.

Tidewater announced that its board has authorized a share buyback program on Tuesday, August 6th that permits the company to repurchase $13.90 million in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 0.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Tidewater

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank grew its stake in Tidewater by 2,170.4% in the 1st quarter. Comerica Bank now owns 33,398 shares of the oil and gas company’s stock worth $3,073,000 after acquiring an additional 31,927 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Tidewater by 135.4% during the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 153 shares in the last quarter. NBC Securities Inc. boosted its stake in shares of Tidewater by 9.0% during the second quarter. NBC Securities Inc. now owns 9,100 shares of the oil and gas company’s stock valued at $866,000 after purchasing an additional 750 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Tidewater by 60.3% during the second quarter. SG Americas Securities LLC now owns 5,061 shares of the oil and gas company’s stock valued at $482,000 after purchasing an additional 1,903 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Tidewater during the second quarter valued at approximately $1,077,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.