Tidewater Inc. (NYSE:TDW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, May 16th.
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. “
Tidewater (NYSE:TDW) opened at 0.9551 on Tuesday. Tidewater has a 12-month low of $0.66 and a 12-month high of $5.21. The company has a 50-day moving average of $0.81 and a 200 day moving average of $1.69. The company’s market capitalization is $45.01 million.
Tidewater (NYSE:TDW) last announced its earnings results on Monday, June 12th. The oil and gas company reported ($0.94) EPS for the quarter, beating the Zacks’ consensus estimate of ($1.29) by $0.35. Tidewater had a negative net margin of 109.72% and a negative return on equity of 6.16%. The business had revenue of $160.75 million during the quarter, compared to analysts’ expectations of $118.75 million. Equities research analysts forecast that Tidewater will post ($5.31) earnings per share for the current fiscal year.
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Hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Tidewater during the fourth quarter worth approximately $119,000. Public Employees Retirement System of Ohio boosted its stake in shares of Tidewater by 98.6% in the first quarter. Public Employees Retirement System of Ohio now owns 106,929 shares of the oil and gas company’s stock worth $123,000 after buying an additional 53,093 shares in the last quarter. Comerica Bank boosted its stake in shares of Tidewater by 4.9% in the fourth quarter. Comerica Bank now owns 49,458 shares of the oil and gas company’s stock worth $127,000 after buying an additional 2,315 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Tidewater by 502.8% in the first quarter. JPMorgan Chase & Co. now owns 115,513 shares of the oil and gas company’s stock worth $133,000 after buying an additional 96,350 shares in the last quarter. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of Tidewater by 339.4% in the first quarter. UBS Asset Management Americas Inc. now owns 135,629 shares of the oil and gas company’s stock worth $156,000 after buying an additional 104,759 shares in the last quarter. 80.67% of the stock is owned by institutional investors and hedge funds.
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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