What Happened?
Shares of offshore vessel operator Tidewater (NYSE: TDW) jumped 3.7% in the afternoon session after BTIG upgraded the stock from Neutral to Buy, citing increasing offshore activity that is expected to push dayrates higher across key basins.
The upgrade follows Tidewater's completed acquisition of Wilson, Sons Ultratug Participações S.A. and Atlantic Offshore Services S.A., which added 22 platform supply vessels to its fleet per TipRanks.
The shares were trading at $96.61, up 3.7% from the previous close.
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What Is The Market Telling Us
Tidewater’s shares are very volatile and have had 21 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 22 days ago when the stock gained 3.8% on the news that Brent crude failed to break below $80 and rebounded to the mid-$80s, as traders kept a geopolitical risk premium priced into oil despite ongoing Strait of Hormuz negotiations.
Tidewater is up 85% since the beginning of the year, and at $96.61 per share, it has set a new 52-week high. Investors who bought $1,000 worth of Tidewater’s shares 5 years ago would now be looking at an investment worth $8,423.
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