Tetra Technologies, Inc. (TTI) Given Average Rating of “Buy” by Brokerages
Shares of Tetra Technologies, Inc. (NYSE:TTI) have been assigned a consensus rating of “Buy” from the fifteen research firms that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $6.17.
TTI has been the subject of a number of analyst reports. Scotiabank set a $7.00 target price on shares of Tetra Technologies and gave the company a “buy” rating in a research report on Thursday, March 2nd. Morgan Stanley cut shares of Tetra Technologies from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $8.00 to $6.00 in a research report on Monday, March 6th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Tetra Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, March 4th. Credit Suisse Group raised shares of Tetra Technologies from a “neutral” rating to an “outperform” rating and increased their target price for the company from $5.00 to $5.50 in a research report on Tuesday, April 11th. Finally, Johnson Rice raised shares of Tetra Technologies from an “accumulate” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Thursday, April 13th.
In related news, Director Thomas R. Bates, Jr. purchased 12,000 shares of the firm’s stock in a transaction on Wednesday, March 29th. The stock was acquired at an average price of $3.94 per share, with a total value of $47,280.00. Following the completion of the acquisition, the director now owns 76,467 shares in the company, valued at approximately $301,279.98. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Empyrean Capital Partners LP acquired a new position in shares of Tetra Technologies during the fourth quarter valued at about $3,359,000. Norges Bank acquired a new position in shares of Tetra Technologies during the fourth quarter valued at about $15,354,000. Bank of Montreal Can boosted its position in shares of Tetra Technologies by 148.8% in the first quarter. Bank of Montreal Can now owns 163,984 shares of the oil and gas company’s stock valued at $667,000 after buying an additional 98,067 shares during the period. FMR LLC boosted its position in shares of Tetra Technologies by 111.3% in the fourth quarter. FMR LLC now owns 5,793,798 shares of the oil and gas company’s stock valued at $29,085,000 after buying an additional 3,051,513 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Tetra Technologies by 23.3% in the first quarter. Wells Fargo & Company MN now owns 3,987,876 shares of the oil and gas company’s stock valued at $16,230,000 after buying an additional 753,964 shares during the period. 93.69% of the stock is owned by institutional investors and hedge funds.
Tetra Technologies (TTI) traded down 3.26% during midday trading on Friday, reaching $2.67. 4,683,836 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $3.21 and its 200-day moving average is $4.13. Tetra Technologies has a 12-month low of $2.62 and a 12-month high of $6.77. The stock’s market capitalization is $309.59 million.
Tetra Technologies (NYSE:TTI) last posted its earnings results on Wednesday, May 10th. The oil and gas company reported ($0.10) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.02. Tetra Technologies had a negative net margin of 10.90% and a negative return on equity of 11.46%. The company had revenue of $168 million during the quarter, compared to analysts’ expectations of $168.64 million. During the same quarter in the prior year, the company posted ($0.16) earnings per share. Tetra Technologies’s revenue for the quarter was down .8% compared to the same quarter last year. On average, equities analysts forecast that Tetra Technologies will post ($0.17) earnings per share for the current year.
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About Tetra Technologies
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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