Canoe Financial LP Invests $22.96 Million in Tidewater Inc. $TDW

Canoe Financial LP bought a new stake in Tidewater Inc. (NYSE:TDW) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 274,800 shares of the oil and gas company’s stock, valued at approximately $22,960,000. Canoe Financial LP owned approximately 0.55% of Tidewater at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its stake in Tidewater by 4.7% in the fourth quarter. State Street Corp now owns 1,901,880 shares of the oil and gas company’s stock valued at $96,064,000 after acquiring an additional 85,697 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Tidewater by 14.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,752,685 shares of the oil and gas company’s stock worth $88,529,000 after purchasing an additional 215,145 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of Tidewater by 104.3% in the 4th quarter. Cerity Partners LLC now owns 1,142,935 shares of the oil and gas company’s stock valued at $57,730,000 after purchasing an additional 583,607 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Tidewater by 74.2% in the 3rd quarter. American Century Companies Inc. now owns 969,392 shares of the oil and gas company’s stock valued at $51,698,000 after purchasing an additional 412,911 shares during the last quarter. Finally, Hosking Partners LLP boosted its position in shares of Tidewater by 11.3% in the 4th quarter. Hosking Partners LLP now owns 650,785 shares of the oil and gas company’s stock valued at $32,871,000 after purchasing an additional 65,875 shares during the period. 95.13% of the stock is owned by hedge funds and other institutional investors.

Tidewater Price Performance

Shares of TDW opened at $66.73 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.22 and a current ratio of 3.33. Tidewater Inc. has a fifty-two week low of $45.18 and a fifty-two week high of $93.13. The firm has a 50-day simple moving average of $77.94 and a 200-day simple moving average of $71.52. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of 11.18 and a beta of 0.50.

Tidewater (NYSE:TDW) last issued its quarterly earnings results on Monday, May 4th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.63). The company had revenue of $326.22 million during the quarter, compared to analyst estimates of $322.83 million. Tidewater had a net margin of 22.16% and a return on equity of 8.79%. The business’s revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. On average, equities research analysts anticipate that Tidewater Inc. will post 3.52 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Barclays raised their price target on Tidewater from $80.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Raymond James Financial set a $117.00 price objective on Tidewater in a research note on Tuesday, March 3rd. Dawson James reissued an “outperform” rating on shares of Tidewater in a report on Tuesday, March 3rd. Fearnley Fonds upgraded shares of Tidewater from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 5th. Finally, Zacks Research cut shares of Tidewater from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Tidewater has a consensus rating of “Hold” and a consensus price target of $89.33.

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.