Progeny 3 Inc. Increases Stock Holdings in Tidewater Inc. (NYSE:TDW)

Progeny 3 Inc. grew its holdings in shares of Tidewater Inc. (NYSE:TDW) by 25.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 304,239 shares of the oil and gas company’s stock after purchasing an additional 61,939 shares during the period. Tidewater comprises about 1.8% of Progeny 3 Inc.’s portfolio, making the stock its 21st biggest position. Progeny 3 Inc. owned about 0.58% of Tidewater worth $21,841,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TDW. Teachers Retirement System of The State of Kentucky purchased a new position in Tidewater in the second quarter valued at $1,241,000. Raymond James & Associates grew its position in shares of Tidewater by 11.9% during the third quarter. Raymond James & Associates now owns 93,682 shares of the oil and gas company’s stock worth $6,725,000 after buying an additional 9,952 shares in the last quarter. Comerica Bank raised its holdings in Tidewater by 2,170.4% in the first quarter. Comerica Bank now owns 33,398 shares of the oil and gas company’s stock valued at $3,073,000 after acquiring an additional 31,927 shares in the last quarter. Public Sector Pension Investment Board purchased a new position in Tidewater in the second quarter worth approximately $10,171,000. Finally, Naviter Wealth LLC grew its holdings in Tidewater by 48.7% during the 3rd quarter. Naviter Wealth LLC now owns 126,050 shares of the oil and gas company’s stock worth $9,049,000 after acquiring an additional 41,256 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analyst Upgrades and Downgrades

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

Tidewater Stock Up 3.0 %

TDW stock opened at $51.76 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.29 and a quick ratio of 2.19. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 15.22 and a beta of 1.14. Tidewater Inc. has a 12 month low of $49.83 and a 12 month high of $111.42. The company has a fifty day moving average price of $62.23 and a 200 day moving average price of $82.35.

Tidewater declared that its board has authorized a share repurchase plan on Tuesday, August 6th that permits the company to repurchase $13.90 million in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 0.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Tidewater 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.