Tetra Technologies (NYSE:TTI) Shares Gap Up on Earnings Beat

Tetra Technologies, Inc. (NYSE:TTI) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $5.53, but opened at $5.86. Tetra Technologies shares last traded at $5.9490, with a volume of 154,105 shares trading hands.

The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $167.95 million for the quarter, compared to analysts’ expectations of $156.84 million. Tetra Technologies had a net margin of 0.97% and a return on equity of 9.11%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TTI. Weiss Ratings restated a “hold (c-)” rating on shares of Tetra Technologies in a research report on Monday. Stifel Nicolaus lowered their price target on Tetra Technologies from $13.00 to $12.00 and set a “buy” rating on the stock in a report on Wednesday, September 23rd. Clear Str upgraded Tetra Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Finally, Northland Securities set a $10.00 price objective on Tetra Technologies in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $11.17.

Insider Buying and Selling

In other news, Director Angela John bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was bought at an average price of $6.50 per share, for a total transaction of $65,000.00. Following the transaction, the director directly owned 97,434 shares of the company’s stock, valued at $633,321. This represents a 11.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.27% of the stock is currently owned by corporate insiders.

Institutional Trading of Tetra Technologies

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP purchased a new stake in Tetra Technologies in the 2nd quarter worth approximately $27,000. KBC Group NV purchased a new position in shares of Tetra Technologies during the first quarter valued at approximately $27,000. Sterling Capital Management LLC increased its stake in shares of Tetra Technologies by 924.7% during the third quarter. Sterling Capital Management LLC now owns 4,693 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 4,235 shares during the period. Rockefeller Capital Management L.P. bought a new position in shares of Tetra Technologies during the fourth quarter valued at approximately $45,000. Finally, State of Alaska Department of Revenue raised its holdings in shares of Tetra Technologies by 40.9% during the third quarter. State of Alaska Department of Revenue now owns 6,975 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 2,023 shares in the last quarter. 70.19% of the stock is currently owned by hedge funds and other institutional investors.

Tetra Technologies Price Performance

The business has a 50 day moving average of $6.13 and a 200 day moving average of $8.72. The company has a market cap of $904.87 million, a PE ratio of 152.81 and a beta of 1.29. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.46 and a quick ratio of 1.76.

Tetra Technologies Company Profile

TETRA Technologies, Inc is an energy services and products company that supports oil and gas exploration and production activities. The company provides specialized fluids, water management solutions and related services used in drilling, well completion, production and industrial applications.

TETRA’s Completion Fluids & Products business supplies clear brine fluids, including calcium bromide and other bromide-based products, as well as associated completion-fluid services. These fluids are used to control pressure and protect well formations during completion and workover operations.