Tidewater Inc. (NYSE:TDW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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. “
A number of other research firms have also recently commented on TDW. Argus cut shares of Tidewater from a “hold” rating to a “sell” rating in a research note on Tuesday, October 25th. Credit Suisse Group set a $1.00 target price on shares of Tidewater and gave the stock a “hold” rating in a research note on Tuesday, November 8th. Three analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Tidewater currently has an average rating of “Hold” and an average price target of $3.38.
Shares of Tidewater (NYSE:TDW) opened at 1.45 on Friday. Tidewater has a 52 week low of $1.33 and a 52 week high of $11.58. The stock has a 50 day moving average of $2.66 and a 200-day moving average of $2.91. The stock’s market cap is $68.25 million.
Tidewater (NYSE:TDW) last posted its quarterly earnings data on Tuesday, February 7th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.16) by $0.16. The company had revenue of $129.20 million for the quarter, compared to the consensus estimate of $139.13 million. Tidewater had a negative net margin of 103.52% and a negative return on equity of 8.48%. The firm’s revenue was down 40.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.21) earnings per share. Equities research analysts predict that Tidewater will post ($4.44) earnings per share for the current fiscal year.
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A number of large investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in Tidewater during the third quarter worth approximately $1,395,000. Lucus Advisors LLC bought a new stake in Tidewater during the third quarter valued at about $392,000. Wells Fargo & Company MN boosted its stake in Tidewater by 19.3% in the third quarter. Wells Fargo & Company MN now owns 77,859 shares of the company’s stock valued at $219,000 after buying an additional 12,587 shares during the last quarter. California Public Employees Retirement System boosted its stake in Tidewater by 52.1% in the third quarter. California Public Employees Retirement System now owns 778,146 shares of the company’s stock valued at $2,194,000 after buying an additional 266,400 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Tidewater during the third quarter valued at about $250,000. Institutional investors own 97.78% of the company’s stock.
Tidewater Company Profile
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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