Exchange Traded Concepts LLC grew its holdings in Tidewater Inc. (NYSE:TDW – Free Report) by 710.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,510 shares of the oil and gas company’s stock after buying an additional 13,597 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Tidewater were worth $656,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Tidewater by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 5,486,286 shares of the oil and gas company’s stock valued at $300,155,000 after buying an additional 56,919 shares in the last quarter. Robotti Robert increased its position in shares of Tidewater by 1.1% during the 4th quarter. Robotti Robert now owns 2,632,980 shares of the oil and gas company’s stock worth $144,050,000 after purchasing an additional 28,083 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Tidewater by 20.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,306,313 shares of the oil and gas company’s stock worth $126,180,000 after purchasing an additional 390,814 shares in the last quarter. Encompass Capital Advisors LLC increased its position in shares of Tidewater by 17.7% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,582,328 shares of the oil and gas company’s stock worth $86,569,000 after purchasing an additional 238,170 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Tidewater by 22.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,551,729 shares of the oil and gas company’s stock worth $84,888,000 after purchasing an additional 286,097 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.
Wall Street Analyst Weigh In
Separately, Raymond James Financial dropped their target price on shares of Tidewater from $76.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $69.33.
Tidewater Trading Down 1.3%
TDW opened at $46.43 on Friday. The company has a current ratio of 2.07, a quick ratio of 2.00 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $2.30 billion, a PE ratio of 13.90 and a beta of 1.07. Tidewater Inc. has a 1-year low of $31.17 and a 1-year high of $108.44. The firm has a 50-day moving average price of $40.51 and a two-hundred day moving average price of $45.70.
Tidewater (NYSE:TDW – Get Free Report) last issued its earnings results on Friday, May 9th. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.24. Tidewater had a net margin of 12.98% and a return on equity of 15.97%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.89 EPS. As a group, equities analysts anticipate that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.
Insider Activity
In other Tidewater news, Director Robert Robotti bought 15,000 shares of Tidewater stock in a transaction dated Wednesday, June 4th. The shares were bought at an average price of $42.05 per share, with a total value of $630,750.00. Following the purchase, the director now owns 2,234,957 shares of the company’s stock, valued at $93,979,941.85. This trade represents a 0.68% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders have acquired 25,560 shares of company stock valued at $1,074,858. 8.33% of the stock is currently owned by insiders.
Tidewater Profile
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.
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