Tidewater price target raised to $90 from $75 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on Tidewater to $90 from $75 and keeps a Buy rating on the shares. The analyst says oil prices started to “find their footing” in July as recessionary fears abated and oil demand continued to meet or beat expectations. While Brent is currently averaging $90-plus, more importantly the oil curve points to a price above $65 through 2030, which should help greenlight more offshore projects, the analyst tells investors in a research note. The firm reiterates a bullish call on offshore oil field services, citing an “attractive runway” which should drive a multi-year earnings growth story and accelerate companies’ ability to return cash to shareholders.