Insider Selling: Tidewater Inc. (NYSE:TDW) CEO Sells 150,000 Shares of Stock

Tidewater Inc. (NYSE:TDW) CEO Quintin Kneen sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $109.01, for a total value of $16,351,500.00. Following the completion of the sale, the chief executive officer now owns 501,718 shares in the company, valued at approximately $54,692,279.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Tidewater Stock Performance

TDW traded down $0.17 during mid-day trading on Thursday, reaching $106.97. 947,101 shares of the company traded hands, compared to its average volume of 775,740. The company’s fifty day moving average price is $91.59 and its 200-day moving average price is $75.01. The stock has a market capitalization of $5.64 billion, a P/E ratio of 42.65 and a beta of 1.21. The company has a quick ratio of 1.74, a current ratio of 1.81 and a debt-to-equity ratio of 0.59. Tidewater Inc. has a 52-week low of $42.61 and a 52-week high of $111.42.

Tidewater (NYSE:TDW) last posted its earnings results on Thursday, May 2nd. The oil and gas company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.40. Tidewater had a return on equity of 16.24% and a net margin of 11.73%. The company had revenue of $321.20 million for the quarter, compared to the consensus estimate of $312.05 million. During the same quarter in the prior year, the company earned $0.23 earnings per share. Tidewater’s revenue was up 66.3% on a year-over-year basis. On average, sell-side analysts expect that Tidewater Inc. will post 4.94 EPS for the current year.

Tidewater declared that its board has authorized a share repurchase plan on Thursday, February 29th that permits the company to buyback $48.60 million in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 1.1% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Institutional Trading of Tidewater

Several institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its stake in Tidewater by 71.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 374 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 156 shares in the last quarter. Parkside Financial Bank & Trust purchased a new stake in shares of Tidewater during the 4th quarter valued at about $33,000. Spire Wealth Management lifted its holdings in shares of Tidewater by 608.4% in the 4th quarter. Spire Wealth Management now owns 1,771 shares of the oil and gas company’s stock valued at $121,000 after acquiring an additional 1,521 shares during the last quarter. Xponance Inc. purchased a new position in Tidewater in the fourth quarter worth about $204,000. Finally, Private Advisor Group LLC bought a new stake in Tidewater during the fourth quarter worth approximately $210,000. Hedge funds and other institutional investors own 95.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on TDW. Evercore ISI upped their price target on shares of Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research note on Monday, March 4th. Pickering Energy Partners initiated coverage on shares of Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating on the stock. Johnson Rice assumed coverage on Tidewater in a research note on Friday, February 9th. They set a “buy” rating and a $88.00 target price on the stock. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. Finally, BTIG Research increased their price objective on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Tidewater currently has a consensus rating of “Buy” and an average target price of $93.00.

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.