Zacks Investment Research upgraded shares of Tidewater Inc. (NYSE:TDW) from a hold rating to a buy rating in a research report report published on Thursday. They currently have $0.75 price target on the oil and gas company’s stock.
According to Zacks, “Tidewater, Inc. owns and operates one of the world’s largest fleets serving the international offshore energy industry. Tidewater vessels can be found in virtually every area of the world where there is significant oil and gas exploration, development or production. These provide a wide range of services including: transporting crews and supplies between the mainland and offshore locations; towing and positioning mobile drilling rigs; assisting in offshore construction projects; and a variety of specialized services including cable laying and 3-D seismic work. “
Tidewater (TDW) traded up 4.6848% on Thursday, hitting $0.9631. 2,462,855 shares of the stock were exchanged. The company has a 50-day moving average price of $0.80 and a 200 day moving average price of $1.55. Tidewater has a 1-year low of $0.66 and a 1-year high of $5.21. The company’s market capitalization is $45.38 million.
Tidewater (NYSE:TDW) last posted its quarterly earnings results on Monday, June 12th. The oil and gas company reported ($0.94) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.29) by $0.35. The business had revenue of $160.75 million for the quarter, compared to analyst estimates of $118.75 million. Tidewater had a negative net margin of 109.72% and a negative return on equity of 6.16%. Analysts anticipate that Tidewater will post ($5.36) EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of the stock. Snow Capital Management LP increased its position in shares of Tidewater by 60.0% in the first quarter. Snow Capital Management LP now owns 2,940,264 shares of the oil and gas company’s stock valued at $3,381,000 after buying an additional 1,102,630 shares during the last quarter. California Public Employees Retirement System increased its position in shares of Tidewater by 30.1% in the first quarter. California Public Employees Retirement System now owns 1,368,046 shares of the oil and gas company’s stock valued at $1,573,000 after buying an additional 316,600 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Tidewater by 3.5% in the first quarter. Principal Financial Group Inc. now owns 375,854 shares of the oil and gas company’s stock valued at $432,000 after buying an additional 12,576 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of Tidewater by 369.5% in the first quarter. OppenheimerFunds Inc. now owns 526,225 shares of the oil and gas company’s stock valued at $605,000 after buying an additional 414,142 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of 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 during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.
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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