Wells Fargo Starts Tidewater Inc (TDW) at Outperform
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Price: $56.50 -0.02%
Rating Summary:
10 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
10 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade TDW Now!
Wells Fargo initiates coverage on Tidewater Inc (NYSE: TDW) with a Outperform and valuation range of $60-$62.
The firm comments, "TDW is the largest publicly traded operator of offshore service vessels (OSV) in terms of fleet size, geographic footprint, and market capitalization and is nearing completion of a 12+ year effort to replace its 500-vessel traditional fleet with a new more capable fleet of 225-250 vessels that contains even greater revenue and earnings potential. We believe this $4.1B fleet transformation ($82/share committed so far) positions TDW especially well for rising demand within the rapidly expanding ultra-deepwater drilling market. We estimate TDW’s earnings will grow from $1.97 per share in FY2012 (March fiscal year) to $3.25 in FY2013 and $5.35 in FY2014, driven principally by 15-20% increases in deepwater vessel rates as well as the contribution of 25 new vessels."
For an analyst ratings summary and ratings history on Tidewater Inc click here. For more ratings news on Tidewater Inc click here.
Shares of Tidewater Inc closed at $49.13 yesterday, with a 52 week range of $38.80-$63.27.
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The firm comments, "TDW is the largest publicly traded operator of offshore service vessels (OSV) in terms of fleet size, geographic footprint, and market capitalization and is nearing completion of a 12+ year effort to replace its 500-vessel traditional fleet with a new more capable fleet of 225-250 vessels that contains even greater revenue and earnings potential. We believe this $4.1B fleet transformation ($82/share committed so far) positions TDW especially well for rising demand within the rapidly expanding ultra-deepwater drilling market. We estimate TDW’s earnings will grow from $1.97 per share in FY2012 (March fiscal year) to $3.25 in FY2013 and $5.35 in FY2014, driven principally by 15-20% increases in deepwater vessel rates as well as the contribution of 25 new vessels."
For an analyst ratings summary and ratings history on Tidewater Inc click here. For more ratings news on Tidewater Inc click here.
Shares of Tidewater Inc closed at $49.13 yesterday, with a 52 week range of $38.80-$63.27.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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