NEW YORK (TheStreet) -- Shares of Tidewater (TDW) - Get Report were sliding 22.27% to $3.63 on heavy trading volume mid-Wednesday afternoon after the company reported lower-than-expected financial results for the 2017 fiscal first quarter.
Over 4.24 million shares of the New Orleans-based offshore service vessel company have been traded so far today, above the 30-day daily average of 1.54 million shares.
Following Tuesday's market close, Tidewater reported an adjusted loss of $1.04 per share for the fiscal first quarter, wider than estimates of a 72 cent-loss.
Revenue for the quarter was $167.9 million, down 45% year-over-year and lower than Wall Street's expectations of $168.1 million.
Tidewater said that it continues to meet with principal lenders and noteholders to amend its various debt arrangements ahead of the expiration of the waivers.
The company noted that in the event it fails to reach an agreement to address the defaults, it would likely result in a reorganization under Chapter 11.
Based on the unexpected results for the quarter, analysts at Johnson Rice downgraded the company to "hold" from "accumulate" in a note released this morning.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: TDW