Zacks Investment Research Lowers Tidewater Inc. (NYSE:TDW) to Hold
Tidewater Inc. (NYSE:TDW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Saturday.
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) opened at 0.91 on Friday. Tidewater has a 52-week low of $0.66 and a 52-week high of $4.80. The company has a 50 day moving average price of $0.81 and a 200-day moving average price of $1.25. The firm’s market cap is $42.88 million.
Tidewater (NYSE:TDW) last released its quarterly earnings data on Monday, June 12th. The oil and gas company reported ($0.94) EPS for the quarter, beating analysts’ consensus estimates of ($1.29) by $0.35. The business had revenue of $160.75 million during the quarter, compared to the consensus estimate of $118.75 million. Tidewater had a negative return on equity of 6.16% and a negative net margin of 109.72%. Equities research analysts anticipate that Tidewater will post ($5.36) EPS for the current year.
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Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Tidewater during the fourth quarter worth approximately $119,000. Public Employees Retirement System of Ohio increased 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 worth $123,000 after buying an additional 53,093 shares in the last quarter. Comerica Bank increased 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 worth $127,000 after buying an additional 2,315 shares in the last quarter. JPMorgan Chase & Co. increased 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 worth $133,000 after buying an additional 96,350 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased 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 worth $156,000 after buying an additional 104,759 shares in the last quarter. Institutional investors and hedge funds own 80.30% of the company’s stock.
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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