Bank of New York Mellon Corp lessened its position in TETRA Technologies, Inc. (NYSE:TTI) by 6.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,865,348 shares of the oil and gas company’s stock after selling 122,587 shares during the quarter. Bank of New York Mellon Corp owned 1.49% of TETRA Technologies worth $8,301,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of TETRA Technologies during the second quarter valued at about $118,000. Barclays PLC grew its stake in shares of TETRA Technologies by 47.3% during the first quarter. Barclays PLC now owns 36,334 shares of the oil and gas company’s stock valued at $137,000 after buying an additional 11,664 shares during the last quarter. Brasada Capital Management LP bought a new position in shares of TETRA Technologies during the first quarter valued at about $206,000. Element Capital Management LLC purchased a new stake in shares of TETRA Technologies during the first quarter worth about $216,000. Finally, Spark Investment Management LLC purchased a new stake in shares of TETRA Technologies during the first quarter worth about $312,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.
TETRA Technologies stock opened at $4.44 on Friday. The company has a quick ratio of 1.66, a current ratio of 2.45 and a debt-to-equity ratio of 2.61. The stock has a market cap of $593.21 million, a PE ratio of -20.84, a PEG ratio of 2.37 and a beta of 0.88. TETRA Technologies, Inc. has a 1-year low of $2.55 and a 1-year high of $5.11.
TETRA Technologies (NYSE:TTI) last issued its quarterly earnings data on Thursday, August 9th. The oil and gas company reported $0.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.02. TETRA Technologies had a negative net margin of 9.43% and a negative return on equity of 0.90%. The business had revenue of $260.10 million during the quarter, compared to analyst estimates of $237.95 million. During the same period last year, the business posted ($0.04) earnings per share. TETRA Technologies’s quarterly revenue was up 44.6% compared to the same quarter last year. sell-side analysts predict that TETRA Technologies, Inc. will post 0.07 earnings per share for the current year.
In related news, Director Thomas R. Bates, Jr. acquired 10,000 shares of the stock in a transaction on Wednesday, September 19th. The stock was acquired at an average cost of $4.38 per share, for a total transaction of $43,800.00. Following the completion of the acquisition, the director now directly owns 143,044 shares of the company’s stock, valued at approximately $626,532.72. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP James H. Funke sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $5.01, for a total transaction of $175,350.00. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.
A number of analysts have recently weighed in on the stock. B. Riley assumed coverage on shares of TETRA Technologies in a report on Friday, July 6th. They set a “buy” rating and a $8.00 target price for the company. ValuEngine upgraded shares of TETRA Technologies from a “sell” rating to a “hold” rating in a report on Saturday, June 2nd. Credit Suisse Group increased their target price on shares of TETRA Technologies from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Monday, August 13th. Stifel Nicolaus assumed coverage on shares of TETRA Technologies in a report on Monday, September 10th. They set a “buy” rating and a $6.50 target price for the company. Finally, Wells Fargo & Co increased their target price on shares of TETRA Technologies from $5.50 to $6.00 and gave the stock an “outperform” rating in a report on Friday, August 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $5.61.
TETRA Technologies Profile
TETRA Technologies, Inc, together with its subsidiaries, operates as a diversified oil and gas services company. The company's Fluids division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa.
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