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

Tetra Technologies, Inc. (NYSE:TTI)’s share price gapped up prior to trading 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 traded.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Clear Str raised Tetra Technologies from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Tetra Technologies in a research report on Monday. Northland Securities set a $10.00 price objective on shares of Tetra Technologies in a research note on Tuesday, September 1st. Finally, Stifel Nicolaus decreased their target price on shares of Tetra Technologies from $13.00 to $12.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $11.17.

Insider Transactions at Tetra Technologies

In other Tetra Technologies news, Director Angela John bought 10,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were acquired at an average cost of $6.50 per share, for a total transaction of $65,000.00. Following the purchase, the director owned 97,434 shares in the company, valued at approximately $633,321. This trade represents a 11.44% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.27% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TTI. BlackRock Inc. purchased a new stake in shares of Tetra Technologies during the second quarter valued at $138,491,000. Encompass Capital Advisors LLC increased its holdings in Tetra Technologies by 10.7% in the 1st quarter. Encompass Capital Advisors LLC now owns 3,201,953 shares of the oil and gas company’s stock worth $27,281,000 after buying an additional 310,363 shares in the last quarter. Wellington Management Group LLP raised its position in Tetra Technologies by 60.2% in the 2nd quarter. Wellington Management Group LLP now owns 2,343,491 shares of the oil and gas company’s stock worth $26,552,000 after buying an additional 880,413 shares during the last quarter. Bank of America Corp DE purchased a new position in Tetra Technologies in the 2nd quarter worth about $20,103,000. Finally, Rice Hall James & Associates LLC bought a new position in Tetra Technologies during the 2nd quarter valued at about $12,099,000. Hedge funds and other institutional investors own 70.19% of the company’s stock.

Tetra Technologies Stock Up 10.5%

The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.43. The firm has a market cap of $904.87 million, a P/E ratio of 152.81 and a beta of 1.29. The company’s 50 day simple moving average is $6.13 and its 200-day simple moving average is $8.72.

About Tetra Technologies

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.