Tidewater Inc. (NYSE:TDW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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. “

Shares of Tidewater (NYSE:TDW) traded up 4.6848% during mid-day trading on Friday, reaching $0.9631. 2,462,855 shares of the company’s stock traded hands. Tidewater has a 12-month low of $0.66 and a 12-month high of $5.21. The company’s 50 day moving average is $0.80 and its 200 day moving average is $1.55. The company’s market cap is $45.38 million.

Tidewater (NYSE:TDW) last announced its earnings results on Monday, June 12th. The oil and gas company reported ($0.94) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.29) by $0.35. Tidewater had a negative net margin of 109.72% and a negative return on equity of 6.16%. The business had revenue of $160.75 million for the quarter, compared to analyst estimates of $118.75 million. On average, analysts predict that Tidewater will post ($5.36) EPS for the current fiscal year.

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Several hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in Tidewater by 391.0% in the first quarter. Bank of New York Mellon Corp now owns 3,082,382 shares of the oil and gas company’s stock worth $3,545,000 after buying an additional 2,454,595 shares during the last quarter. Snow Capital Management LP increased its position in 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 worth $3,381,000 after buying an additional 1,102,630 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Tidewater by 8.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,509,791 shares of the oil and gas company’s stock worth $1,737,000 after buying an additional 112,779 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Tidewater by 34.1% in the first quarter. Janney Montgomery Scott LLC now owns 1,427,772 shares of the oil and gas company’s stock worth $1,642,000 after buying an additional 362,676 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in 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 worth $1,573,000 after buying an additional 316,600 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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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