Tidewater

TDW · NYSE

$80.60−$0.21 (−0.26%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $80.81

TDW analyst rating

HoldConsensus of 3 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy1
Hold2
Underperform0
Sell0

12-month price target · 10 analysts

Average $95.09 (+18.0% upside)

Low: $68.68
Now: $80.60
High: $126.00

Upgrades and downgrades

The latest rating actions, newest first

TDW analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Oct 9, 2026	Maintains	Buy	$120.00	45%
BTIG	Sep 1, 2026	Upgrade	Neutral → Buy	$120.00	45%
Barclays	Aug 13, 2026	Maintains	Equal-Weight	$86.00 → $91.00	51%
Barclays	May 8, 2026	Maintains	Equal-Weight	$80.00 → $86.00	51%
Barclays	Apr 1, 2026	Initiates	Equal-Weight	$80.00	51%
Evercore ISI Group	Mar 4, 2026	Maintains	In-Line	$65.00 → $94.00	47%
Evercore ISI Group	Nov 12, 2025	Maintains	In-Line	$67.00 → $65.00	47%

The case for and against

Updated Oct 18, 2026

Bull case

Tidewater is well positioned to benefit from a tightening offshore supply vessel market, with offshore FIDs expected to pick up in 2027, service spending set to rise 4%-5% annually in 2027 and 2028, and utilization likely improving as activity strengthens in West Africa and Asia-Pacific. Its modern, high-spec fleet of about 226 boats, average age of roughly 14 years, supports pricing power in a supply-constrained industry where limited newbuilds and an aging global fleet should keep rates firm, potentially adding $200M-$300M of incremental cash flow from a $3k-$4k fleet-wide dayrate increase. Management also expects about $250M in free cash flow this year, with Wilson acquisition benefits, resumed buybacks, and upside tied to roughly $749M of consensus 2027 EBITDA.

Bear case

Tidewater is exposed to a downside case in which lower oil prices reduce working drilling rigs and make E&P companies more capital-conservative, directly weakening offshore support vessel demand. Under that scenario, the fleetwide average rate falls to about $15k/d with only ~70% utilization, implying materially softer revenue generation and operating leverage across its global fleet. The outlook is further pressured by unfavorable OSV supply-demand conditions, lower global E&P capex, interest rate risk, regulatory uncertainty, weather disruptions, and counterparty or credit risk, all of which could amplify earnings volatility.

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