Back in October Tidewater (NYSE:TDW) was one of the relatively few energy service companies that looked overvalued to me. While I liked the company's strong position in offshore and deepwater supply vessels, I just didn't think that paying such a high multiple was reasonable given risks in the North Sea and Angola, not to mention potential delays in floater and jackup deliveries.
As it turns out, the shares declined more than 20% since that piece, with the stock taking a big hit on disappointing third quarter results. I don't see the results as a sign of any particular operating deficiency, though, and I believe the reset in valuation and expectations makes this a much more interesting name to...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|