Tetra Technologies (NYSE:TTI) Shares Gap Up Following Insider Buying Activity

Tetra Technologies, Inc. (NYSE:TTI)’s share price gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $9.78, but opened at $10.19. Tetra Technologies shares last traded at $10.38, with a volume of 313,715 shares trading hands.

Specifically, VP Kurt Hallead bought 22,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was acquired at an average price of $9.86 per share, with a total value of $216,920.00. Following the completion of the purchase, the vice president directly owned 170,764 shares of the company’s stock, valued at $1,683,733.04. This represents a 14.79% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Tetra Technologies from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, May 19th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.25.

Tetra Technologies Price Performance

The company has a market cap of $1.38 billion, a price-to-earnings ratio of 208.44 and a beta of 1.22. The company has a current ratio of 2.02, a quick ratio of 1.20 and a debt-to-equity ratio of 0.62. The business has a 50-day moving average price of $9.57 and a 200 day moving average price of $9.60.

Tetra Technologies (NYSE:TTI) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Tetra Technologies had a return on equity of 10.50% and a net margin of 1.15%.The business had revenue of $156.25 million for the quarter, compared to analysts’ expectations of $151.20 million. As a group, research analysts expect that Tetra Technologies, Inc. will post 0.26 earnings per share for the current fiscal year.

Institutional Trading of Tetra Technologies

Several hedge funds and other institutional investors have recently modified their holdings of TTI. Rubric Capital Management LP purchased a new position in Tetra Technologies during the 3rd quarter valued at about $26,046,000. Price T Rowe Associates Inc. MD increased its stake in Tetra Technologies by 2,392.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,072,139 shares of the oil and gas company’s stock valued at $28,787,000 after buying an additional 2,948,885 shares during the period. Encompass Capital Advisors LLC purchased a new stake in Tetra Technologies in the 4th quarter worth approximately $27,094,000. Vaughan Nelson Investment Management L.P. purchased a new stake in Tetra Technologies in the 4th quarter worth approximately $25,359,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Tetra Technologies during the 4th quarter valued at $15,773,000. Institutional investors and hedge funds own 70.19% of the company’s stock.

Tetra Technologies Company Profile

Tetra Technologies, Inc (NYSE: TTI) is a provider of specialized products and services to the upstream oil and gas industry. The company operates through two primary segments: Oilfield Services, which offers hydraulic fracturing and wellsite fluid systems, and Chemical Solutions, which manufactures and delivers a broad range of drilling, completion and production chemicals. Tetra’s integrated service model spans the design, blending and on-site delivery of fluids, as well as pumping equipment and related wellsite operations.

Within the Oilfield Services segment, Tetra supplies pressure pumping fleets and associated equipment to support onshore hydraulic fracturing and well placement activities.