Nisa Investment Advisors LLC Lowers Position in Tidewater Inc. (NYSE:TDW)

Nisa Investment Advisors LLC lowered its stake in shares of Tidewater Inc. (NYSE:TDW) by 55.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 524 shares of the oil and gas company’s stock after selling 650 shares during the period. Nisa Investment Advisors LLC’s holdings in Tidewater were worth $38,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. IFP Advisors Inc lifted its stake in shares of Tidewater by 2,732.0% in the 3rd quarter. IFP Advisors Inc now owns 1,416 shares of the oil and gas company’s stock valued at $101,000 after purchasing an additional 1,366 shares in the last quarter. Evergreen Capital Management LLC purchased a new stake in Tidewater during the third quarter worth approximately $219,000. Precision Wealth Strategies LLC acquired a new stake in shares of Tidewater in the third quarter worth $221,000. O Brien Greene & Co. Inc purchased a new position in shares of Tidewater in the 3rd quarter valued at $227,000. Finally, 180 Wealth Advisors LLC acquired a new position in shares of Tidewater during the 3rd quarter valued at $234,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

Tidewater Price Performance

Shares of NYSE TDW opened at $89.26 on Tuesday. The business has a 50 day moving average price of $84.86 and a two-hundred day moving average price of $72.59. Tidewater Inc. has a fifty-two week low of $39.41 and a fifty-two week high of $101.10. The firm has a market cap of $4.67 billion, a PE ratio of 48.78 and a beta of 1.20. The company has a quick ratio of 1.70, a current ratio of 1.80 and a debt-to-equity ratio of 0.61.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Friday, March 1st. The oil and gas company reported $0.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.03). The company had revenue of $302.66 million during the quarter, compared to the consensus estimate of $309.46 million. Tidewater had a return on equity of 13.37% and a net margin of 9.62%. The firm’s quarterly revenue was up 62.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 EPS. Sell-side analysts expect that Tidewater Inc. will post 4.94 earnings per share for the current fiscal year.

Tidewater declared that its board has approved a stock buyback plan on Thursday, February 29th that authorizes the company to buyback $48.60 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 1.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on TDW. Johnson Rice initiated coverage on Tidewater in a report on Friday, February 9th. They issued a “buy” rating and a $88.00 price target for the company. BTIG Research raised their target price on Tidewater from $90.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. StockNews.com upgraded Tidewater from a “sell” rating to a “hold” rating in a report on Monday, March 4th. Evercore ISI boosted their target price on shares of Tidewater from $87.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, March 4th. Finally, Pickering Energy Partners initiated coverage on shares of Tidewater in a report on Tuesday, January 30th. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $93.00.

Insider Transactions at Tidewater

In related news, COO David E. Darling sold 17,821 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $82.08, for a total value of $1,462,747.68. Following the completion of the sale, the chief operating officer now directly owns 85,959 shares of the company’s stock, valued at $7,055,514.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Daniel A. Hudson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.00, for a total value of $656,000.00. Following the transaction, the executive vice president now directly owns 104,312 shares in the company, valued at approximately $8,553,584. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO David E. Darling sold 17,821 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $82.08, for a total transaction of $1,462,747.68. Following the sale, the chief operating officer now directly owns 85,959 shares of the company’s stock, valued at approximately $7,055,514.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,462 shares of company stock valued at $3,716,739. Insiders own 9.59% of the company’s stock.

About Tidewater

Tidewater Inc, together with its subsidiaries, provides offshore support vessels and marine support services to the offshore energy industry through the operation of a fleet of marine service vessels worldwide. It provides services in support of offshore oil and gas exploration, field development, and production, as well as windfarm development and maintenance, including towing of and anchor handling for mobile offshore drilling units; transporting supplies and personnel necessary to sustain drilling, workover, and production activities; offshore construction, and seismic and subsea support; geotechnical survey support for windfarm construction; and various specialized services, such as pipe and cable laying.