Tidewater represents a big time book value bargain. Investors who get in now could be taking advantage of a killer deal.

Dividend

Only oil to find is in the harder to reach places. TDW provides the access.

PE of 6, a PEG of 0.12, and it pays a yield of 2.3%.

In the recent post below, Cramer points out that some these players could increase their dividends which would create a nice haven for investors in the current market.

“What happens if the oil companies start actually recognizing their good fortune -- their sustainable good fortune -- and start boosting dividends the way that Tidewater (TDW) did last week with its 67% hike.

Throughout this great run with oil and gas, it seems that the companies themselves haven't caught up with the good fortune. They haven't spent that much on drilling relative to profits, and they have chosen to buy a lot of stock back, never bad. But what if they start returning the profits to shareholders in the form of dividends?

I think that what could happen is that you wouldn't think that Chevron (CVX) and Occidental Petroleum (OXY) and Exxon (XOM) are such nose-bleeders.

If you go back and look at the presentations of Conoco (COP) -- a very pro-shareholder company -- you'll see how the dividend could be boosted hugely without hurting the growth of the company.

I am betting that Tidewater may not be an isolated example. This group could provide a lot of good dividend news this year, another reason that if and when oil comes back to $120 -- where I think it will go before going over its previous highs -- you want to buy the stocks, not sell them. “

67%

For the first time since 1996, Tidewater (TDW) is enhancing its dividend. The New Orleans company, founded in 1956, owns the world's largest fleet of vessels (460 of them) serving the global offshore energy industry. Tidewater directors boosted the quarterly payout on common stock Wednesday a hefty 67%, to 25 cents a share from 15 cents. Yield: 1.47%. Holders of record June 6 will receive the new dividend June 13. The ex-date is June 4. Tidewater has been making distributions since 1992.

Time to Buy Tidewater?
TheStreet.com's David Peltier weighs in on oil services supplier Tidewater in this edition of 'Should You Buy It?'

Click here to watch the video.

Tidewater (TDW) was upgraded from Neutral to Overweight, JP Morgan said. Upside to 2009 consensus estimates, while the rest of the group is facing potential weakness. Company gets 88% of its business outside of the GOM and North Sea.

Dirt Cheap, Levered to Oil Industry