Tidewater Inc. (TDW) Sees Large Volume Increase on Strong Earnings

Tidewater Inc. (NYSE:TDW) saw unusually-strong trading volume on Tuesday after the company announced better than expected quarterly earnings. Approximately 1,277,103 shares changed hands during trading, a decline of 15% from the previous session’s volume of 1,501,210 shares.The stock last traded at $0.86 and had previously closed at $0.80.

The oil and gas company reported ($0.94) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.29) by $0.35. The business had revenue of $160.75 million for the quarter, compared to analysts’ expectations of $118.75 million. Tidewater had a negative return on equity of 6.16% and a negative net margin of 109.72%.

Separately, Zacks Investment Research cut Tidewater from a “hold” rating to a “sell” rating in a research note on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $3.17.

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Tidewater during the fourth quarter valued at $119,000. Public Employees Retirement System of Ohio raised its stake in Tidewater by 98.6% in the first quarter. Public Employees Retirement System of Ohio now owns 106,929 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 53,093 shares in the last quarter. Comerica Bank raised its stake in Tidewater by 4.9% in the fourth quarter. Comerica Bank now owns 49,458 shares of the oil and gas company’s stock valued at $127,000 after buying an additional 2,315 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Tidewater by 502.8% in the first quarter. JPMorgan Chase & Co. now owns 115,513 shares of the oil and gas company’s stock valued at $133,000 after buying an additional 96,350 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Tidewater by 339.4% in the first quarter. UBS Asset Management Americas Inc. now owns 135,629 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 104,759 shares in the last quarter. Institutional investors own 80.56% of the company’s stock.

The firm’s 50 day moving average is $0.81 and its 200-day moving average is $1.67. The stock’s market cap is $38.09 million.

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Tidewater Company Profile

Tidewater Inc provides offshore service vessels and marine support services. The Company operates through four segments: Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. Its Americas segment includes the activities of the Company’s North American operations, which include operations in the United States Gulf of Mexico (GOM), and the United States and Canadian coastal waters of the Pacific and Atlantic oceans, as well as operations of offshore Mexico, Trinidad and Brazil.

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