Tidewater Inc. (TDW) Sees Significant Decrease in Short Interest
Tidewater Inc. (NYSE:TDW) was the recipient of a large decline in short interest in May. As of May 31st, there was short interest totalling 10,488,062 shares, a decline of 34.1% from the May 15th total of 15,913,465 shares. Based on an average daily volume of 2,029,040 shares, the short-interest ratio is presently 5.2 days. Approximately 23.5% of the company’s shares are sold short.
Separately, Zacks Investment Research upgraded shares of Tidewater from a “sell” rating to a “hold” rating in a research report on Tuesday, May 16th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. Tidewater currently has a consensus rating of “Hold” and an average price target of $3.17.
Shares of Tidewater (NYSE TDW) opened at 0.8774 on Thursday. Tidewater has a 52 week low of $0.66 and a 52 week high of $5.21. The firm’s market cap is $41.34 million. The firm’s 50 day moving average is $0.81 and its 200-day moving average is $1.71.
Tidewater (NYSE:TDW) last posted its earnings results on Monday, June 12th. The oil and gas company reported ($0.94) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.29) by $0.35. The company had revenue of $160.75 million during the quarter, compared to analysts’ expectations of $118.75 million. Tidewater had a negative net margin of 109.72% and a negative return on equity of 5.89%. Equities research analysts predict that Tidewater will post ($5.31) EPS for the current year.
Hedge funds have recently modified their holdings of the company. Comerica Bank boosted its stake in shares of 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 during the period. State Street Corp boosted its stake in shares of Tidewater by 1.1% in the fourth quarter. State Street Corp now owns 1,161,875 shares of the oil and gas company’s stock valued at $3,958,000 after buying an additional 12,351 shares during the period. Principal Financial Group Inc. boosted its stake 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 period. Geode Capital Management LLC boosted its stake in shares of Tidewater by 5.3% in the first quarter. Geode Capital Management LLC now owns 343,845 shares of the oil and gas company’s stock valued at $395,000 after buying an additional 17,254 shares during the period. Finally, Norges Bank acquired a new stake in shares of Tidewater during the fourth quarter valued at $119,000. Institutional investors and hedge funds own 80.67% of the company’s stock.
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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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