Fortitude Family Office LLC Takes $33,000 Position in Tidewater Inc. (NYSE:TDW)

Fortitude Family Office LLC acquired a new position in Tidewater Inc. (NYSE:TDW) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 609 shares of the oil and gas company’s stock, valued at approximately $33,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Centiva Capital LP purchased a new position in shares of Tidewater in the third quarter worth $958,000. Teachers Retirement System of The State of Kentucky purchased a new position in Tidewater in the 2nd quarter worth about $1,241,000. Raymond James & Associates lifted its stake in Tidewater by 11.9% during the 3rd quarter. Raymond James & Associates now owns 93,682 shares of the oil and gas company’s stock valued at $6,725,000 after acquiring an additional 9,952 shares during the period. Citigroup Inc. boosted its holdings in shares of Tidewater by 75.2% during the 3rd quarter. Citigroup Inc. now owns 58,411 shares of the oil and gas company’s stock valued at $4,193,000 after acquiring an additional 25,064 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of Tidewater by 354.2% in the third quarter. Barclays PLC now owns 78,848 shares of the oil and gas company’s stock worth $5,661,000 after acquiring an additional 61,487 shares during the period. 95.13% of the stock is owned by institutional investors.

Tidewater Stock Performance

Shares of TDW opened at $55.46 on Friday. Tidewater Inc. has a 52 week low of $46.50 and a 52 week high of $111.42. The company has a quick ratio of 2.19, a current ratio of 2.29 and a debt-to-equity ratio of 0.54. The stock has a market cap of $2.90 billion, a price-to-earnings ratio of 16.31 and a beta of 1.06. The business has a 50-day simple moving average of $52.67 and a two-hundred day simple moving average of $71.99.

Insider Buying and Selling

In other Tidewater news, CEO Quintin Kneen purchased 41,615 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were acquired at an average cost of $48.06 per share, with a total value of $2,000,016.90. Following the completion of the acquisition, the chief executive officer now directly owns 176,239 shares in the company, valued at $8,470,046.34. The trade was a 30.91 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 8.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

About Tidewater

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.