JPMorgan Chase & Co. Raises Holdings in Tidewater Inc. $TDW

JPMorgan Chase & Co. boosted its stake in Tidewater Inc. (NYSE:TDW) by 286.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 187,250 shares of the oil and gas company’s stock after purchasing an additional 138,739 shares during the period. JPMorgan Chase & Co. owned about 0.38% of Tidewater worth $9,986,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TDW. Blume Capital Management Inc. grew its holdings in shares of Tidewater by 128.3% in the third quarter. Blume Capital Management Inc. now owns 525 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 295 shares during the last quarter. Hantz Financial Services Inc. boosted its position in Tidewater by 401.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 516 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 413 shares during the period. Parkside Financial Bank & Trust grew its holdings in Tidewater by 4,245.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 869 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 849 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Tidewater by 701.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 994 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 870 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Tidewater in the second quarter valued at about $47,000. Institutional investors own 95.13% of the company’s stock.

Tidewater Stock Down 3.1%

TDW stock opened at $77.78 on Friday. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 11.64 and a beta of 0.57. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.79 and a current ratio of 2.90. The business’s 50 day moving average price is $65.05 and its two-hundred day moving average price is $58.18. Tidewater Inc. has a fifty-two week low of $31.17 and a fifty-two week high of $88.99.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Monday, March 2nd. The oil and gas company reported $4.41 earnings per share for the quarter, beating the consensus estimate of $0.77 by $3.64. The company had revenue of $336.80 million for the quarter, compared to analyst estimates of $329.39 million. Tidewater had a return on equity of 12.34% and a net margin of 24.74%.The firm’s revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. As a group, analysts forecast that Tidewater Inc. will post 3.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TDW shares. Raymond James Financial set a $117.00 target price on shares of Tidewater in a report on Tuesday. Dawson James restated an “outperform” rating on shares of Tidewater in a report on Tuesday. Zacks Research upgraded Tidewater from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. Evercore reduced their target price on Tidewater from $67.00 to $65.00 and set an “in-line” rating on the stock in a research note on Wednesday, November 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Tidewater in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $91.00.

Insider Activity

In other Tidewater news, EVP Samuel R. Rubio sold 22,461 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $80.05, for a total value of $1,798,003.05. Following the sale, the executive vice president owned 60,066 shares in the company, valued at approximately $4,808,283.30. This represents a 27.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Daniel A. Hudson sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $77.50, for a total transaction of $1,162,500.00. Following the transaction, the executive vice president directly owned 50,986 shares of the company’s stock, valued at $3,951,415. This represents a 22.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 52,656 shares of company stock valued at $4,079,112. 6.60% of the stock is owned by company insiders.

Tidewater Company Profile

Tidewater Inc is a leading global provider of offshore marine support vessels, serving the energy sector with a focus on the oil and gas industry. Headquartered in Houston, Texas, the company operates a diverse fleet of platform supply vessels (PSVs), anchor handling tug supply vessels (AHTSs), crew boats and other specialized vessels designed to support offshore drilling, production and construction activities.

The company’s fleet is equipped to handle a range of maritime services, including the transport of personnel, equipment and bulk materials; anchor handling and mooring operations; and subsea construction support.