Shares of offshore vessel operator Tidewater jumped 3.7% in afternoon trading after BTIG upgraded the stock from Neutral to Buy, citing increasing offshore activity 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. The shares were trading at $96.61, up 3.7% from the previous close, and have set a new 52-week high. Tidewater is up 85% since the beginning of the year, and investors who bought $1,000 worth of shares five years ago would now have an investment worth $8,423.
Tidewater IncBTIG upgraded Tidewater from Neutral to Buy, citing rising offshore activity and higher dayrates.
