Tidewater (NYSE:TDW) to Repurchase $13.90 million in Outstanding Shares

Tidewater (NYSE:TDW) declared that its Board of Directors has approved a share buyback plan on Tuesday, August 6th, RTT News reports. The company plans to repurchase $13.90 million in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 0.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, BTIG Research raised their target price on shares of Tidewater from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Tidewater has an average rating of “Moderate Buy” and an average target price of $102.33.

Tidewater Stock Performance

Tidewater stock opened at $88.18 on Wednesday. Tidewater has a 12-month low of $54.53 and a 12-month high of $111.42. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 35.13 and a beta of 1.20. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.81 and a quick ratio of 1.74. The firm’s fifty day moving average price is $97.23 and its 200 day moving average price is $90.58.

Tidewater (NYSE:TDW) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.22. Tidewater had a net margin of 11.73% and a return on equity of 16.24%. The firm had revenue of $339.20 million for the quarter, compared to the consensus estimate of $331.85 million. During the same quarter in the previous year, the firm posted $0.46 EPS. The firm’s quarterly revenue was up 57.8% on a year-over-year basis. On average, research analysts forecast that Tidewater will post 4.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Tidewater news, Director Robert Robotti sold 170,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $107.62, for a total transaction of $18,295,400.00. Following the completion of the transaction, the director now directly owns 2,533,037 shares of the company’s stock, valued at approximately $272,605,441.94. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Daniel A. Hudson sold 20,000 shares of Tidewater stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $109.00, for a total value of $2,180,000.00. Following the completion of the transaction, the executive vice president now directly owns 74,542 shares of the company’s stock, valued at approximately $8,125,078. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert Robotti sold 170,000 shares of Tidewater stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $107.62, for a total transaction of $18,295,400.00. Following the completion of the sale, the director now owns 2,533,037 shares in the company, valued at $272,605,441.94. The disclosure for this sale can be found here. Insiders have sold 532,909 shares of company stock valued at $56,457,485 in the last quarter. Company insiders own 8.33% of the company’s stock.

Tidewater Company 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.