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

Progeny 3 Inc. lifted its holdings in Tidewater Inc. (NYSE:TDW) by 25.6% during the third quarter, Holdings Channel reports. The institutional investor owned 304,239 shares of the oil and gas company’s stock after purchasing an additional 61,939 shares during the quarter. Tidewater comprises 1.8% of Progeny 3 Inc.’s investment portfolio, making the stock its 21st biggest holding. Progeny 3 Inc.’s holdings in Tidewater were worth $21,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in Tidewater by 135.4% in the second quarter. GAMMA Investing LLC now owns 266 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 153 shares in the last quarter. Quarry LP purchased a new position in Tidewater in the 2nd quarter valued at approximately $27,000. Hollencrest Capital Management acquired a new position in Tidewater during the second quarter worth $30,000. Northwest & Ethical Investments L.P. purchased a new stake in Tidewater during the third quarter worth $65,000. Finally, Headlands Technologies LLC grew its holdings in Tidewater by 6,322.2% in the second quarter. Headlands Technologies LLC now owns 1,156 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 1,138 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

Analysts Set New Price Targets

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

Tidewater Stock Up 3.0 %

Shares of NYSE:TDW opened at $51.76 on Friday. The company has a current ratio of 2.29, a quick ratio of 2.19 and a debt-to-equity ratio of 0.54. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 15.22 and a beta of 1.14. The stock’s 50-day moving average price is $62.23 and its two-hundred day moving average price is $82.35. Tidewater Inc. has a 12-month low of $49.83 and a 12-month high of $111.42.

Tidewater declared that its board has authorized a share buyback program on Tuesday, August 6th that authorizes the company to buyback $13.90 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 0.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.