Tidewater Inc. (TDW) Sees Large Volume Increase
Tidewater Inc. (NYSE:TDW) shares saw unusually-strong trading volume on Wednesday . Approximately 1,863,149 shares traded hands during mid-day trading, an increase of 24% from the previous session’s volume of 1,501,449 shares.The stock last traded at $2.57 and had previously closed at $2.72.
Several equities analysts have recently commented on TDW shares. Iberia Capital cut shares of Tidewater from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $8.00 to $4.00 in a research report on Friday, May 27th. Argus restated a “hold” rating on shares of Tidewater in a research report on Friday, July 8th. Zacks Investment Research cut shares of Tidewater from a “hold” rating to a “sell” rating in a research report on Wednesday, August 10th. Johnson Rice cut shares of Tidewater from an “accumulate” rating to a “hold” rating in a research report on Wednesday, August 10th. Finally, Morgan Stanley set a $4.50 target price on shares of Tidewater and gave the company a “sell” rating in a research report on Thursday, August 11th. Three investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. Tidewater currently has an average rating of “Hold” and an average target price of $11.25.
The firm’s market capitalization is $120.49 million. The stock’s 50-day moving average is $3.37 and its 200 day moving average is $5.44.
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Tidewater (NYSE:TDW) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($1.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by $1.15. Tidewater had a negative net margin of 27.81% and a negative return on equity of 3.68%. The firm earned $167.90 million during the quarter, compared to the consensus estimate of $169.75 million. During the same quarter last year, the business posted $0.18 earnings per share. Tidewater’s revenue was down 44.9% compared to the same quarter last year. On average, equities analysts predict that Tidewater Inc. will post ($4.27) earnings per share for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its position in Tidewater by 11.8% in the second quarter. Thrivent Financial for Lutherans now owns 23,640 shares of the company’s stock worth $104,000 after buying an additional 2,490 shares during the period. Pacad Investment Ltd. purchased a new position in Tidewater during the second quarter worth approximately $106,000. Arizona State Retirement System raised its position in Tidewater by 1.2% in the second quarter. Arizona State Retirement System now owns 24,432 shares of the company’s stock worth $108,000 after buying an additional 300 shares during the period. Public Employees Retirement System of Ohio raised its position in Tidewater by 65.7% in the second quarter. Public Employees Retirement System of Ohio now owns 27,750 shares of the company’s stock worth $122,000 after buying an additional 11,002 shares during the period. Finally, Bank of Montreal Can purchased a new position in Tidewater during the second quarter worth approximately $142,000.
Tidewater Company Profile
Tidewater Inc provides offshore service vessels and marine support services to the global offshore energy industry. The Company operates through four operating segments: Americas, Asia/Pacific, Middle East/North Africa and Sub-Saharan Africa/Europe. The Americas segment includes the activities of its 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 in Mexico, Trinidad and Brazil.
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