Tidewater (NYSE:TDW) Shares Gap Up Following Insider Buying Activity

Tidewater Inc. (NYSE:TDW)’s stock price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $47.05, but opened at $49.55. Tidewater shares last traded at $48.77, with a volume of 171,054 shares traded.

Specifically, CEO Quintin Kneen bought 41,615 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was bought at an average cost of $48.06 per share, for a total transaction of $2,000,016.90. Following the acquisition, the chief executive officer now directly owns 176,239 shares of the company’s stock, valued at $8,470,046.34. The trade was a 30.91 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TDW shares. DNB Markets initiated coverage on shares of Tidewater in a research note on Friday, November 29th. They issued a “buy” rating and a $70.00 price objective for the company. Raymond James cut shares of Tidewater from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $131.00 to $102.00 in a research report on Monday, November 11th. Finally, StockNews.com raised Tidewater from a “sell” rating to a “hold” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $95.80.

Tidewater Stock Performance

The stock has a 50 day simple moving average of $56.49 and a two-hundred day simple moving average of $77.33. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 13.84 and a beta of 1.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.29 and a quick ratio of 2.19.

Institutional Investors Weigh In On Tidewater

Several institutional investors have recently added to or reduced their stakes in the business. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Tidewater during the second quarter worth approximately $1,241,000. Centiva Capital LP purchased a new position in Tidewater during the 3rd quarter worth $958,000. Raymond James & Associates increased its stake in Tidewater by 11.9% in the third quarter. Raymond James & Associates now owns 93,682 shares of the oil and gas company’s stock valued at $6,725,000 after purchasing an additional 9,952 shares during the period. Citigroup Inc. boosted its stake in shares of Tidewater by 75.2% during the third quarter. Citigroup Inc. now owns 58,411 shares of the oil and gas company’s stock worth $4,193,000 after buying an additional 25,064 shares during the period. Finally, Public Sector Pension Investment Board acquired a new stake in shares of Tidewater during the second quarter worth about $10,171,000. Hedge funds and other institutional investors own 95.13% 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.