Tetra Technologies Inc. (TTI) Downgraded by Zacks Investment Research to Sell
Tetra Technologies Inc. (NYSE:TTI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “TETRA Technologies, Inc. is an energy services company with an integrated chemicals operation that supplies chemical products to energy markets, as well as other markets. TETRA is comprised of three divisions – Fluids, Well Abandonment/Decommissioning and Testing & Services. “
A number of other equities analysts have also weighed in on TTI. JPMorgan Chase & Co. set a $8.00 price objective on Tetra Technologies and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Simmons reiterated an “overweight” rating and issued a $7.60 target price (up from $7.35) on shares of Tetra Technologies in a research report on Wednesday, August 10th. Morgan Stanley started coverage on Tetra Technologies in a research report on Wednesday, August 10th. They issued an “overweight” rating and a $10.00 target price on the stock. Credit Suisse Group AG set a $8.00 target price on Tetra Technologies and gave the stock a “buy” rating in a research report on Tuesday, August 9th. Finally, Loop Capital started coverage on Tetra Technologies in a research report on Friday, September 30th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $8.26.
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Shares of Tetra Technologies (NYSE:TTI) opened at 6.07 on Thursday. The company’s market capitalization is $562.72 million. The stock has a 50 day moving average price of $5.98 and a 200-day moving average price of $6.12. Tetra Technologies has a 12 month low of $4.62 and a 12 month high of $9.44.
Tetra Technologies (NYSE:TTI) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.03. The firm earned $175.66 million during the quarter, compared to analyst estimates of $188.42 million. Tetra Technologies had a negative return on equity of 3.33% and a negative net margin of 27.71%. The business’s quarterly revenue was down 44.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. Analysts expect that Tetra Technologies will post ($0.48) earnings per share for the current fiscal year.
In other news, VP Keith L. Schilling sold 24,341 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $6.37, for a total transaction of $155,052.17. Following the transaction, the vice president now owns 111,161 shares of the company’s stock, valued at $708,095.57. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.45% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TTI. Capstone Asset Management Co. boosted its position in Tetra Technologies by 9.5% in the third quarter. Capstone Asset Management Co. now owns 23,612 shares of the company’s stock worth $144,000 after buying an additional 2,056 shares in the last quarter. Creative Planning acquired a new position in Tetra Technologies during the third quarter worth approximately $122,000. Mason Street Advisors LLC acquired a new position in Tetra Technologies during the second quarter worth approximately $112,000. Royal Bank of Canada boosted its position in Tetra Technologies by 3.7% in the second quarter. Royal Bank of Canada now owns 48,301 shares of the company’s stock worth $308,000 after buying an additional 1,736 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Tetra Technologies by 27.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,242,814 shares of the company’s stock worth $7,917,000 after buying an additional 265,957 shares in the last quarter. 89.92% of the stock is currently owned by hedge funds and other institutional investors.
Tetra Technologies Company Profile
TETRA Technologies, Inc is an oil and gas services company. The Company focuses on completion fluids and associated products and services, water management, production well testing, offshore rig cooling, compression services and equipment, and offshore services, such as decommissioning and diving. It is composed of five segments organized into four divisions: Fluids, Production Testing, Compression and Offshore.
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