Tetra Technologies, Inc. (NYSE:TTI) Shares Down 16.5% After Earnings Miss
Tetra Technologies, Inc. (NYSE:TTI)’s share price fell 16.5% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $2.01 and last traded at $2.03, with a volume of 2,249,570 shares. The stock had previously closed at $2.43.
The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.03. Tetra Technologies had a negative return on equity of 11.46% and a negative net margin of 10.90%. The business had revenue of $208.37 million for the quarter, compared to the consensus estimate of $204.19 million. During the same period in the previous year, the company posted ($0.15) earnings per share. Tetra Technologies’s revenue for the quarter was up 18.6% compared to the same quarter last year.
A number of research firms recently issued reports on TTI. Royal Bank Of Canada set a $5.00 target price on Tetra Technologies and gave the stock a “hold” rating in a research note on Friday, June 16th. Zacks Investment Research downgraded Tetra Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Johnson Rice raised Tetra Technologies from an “accumulate” rating to a “buy” rating and set a $6.00 price target for the company in a research report on Thursday, April 13th. BidaskClub downgraded Tetra Technologies from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Credit Suisse Group raised Tetra Technologies from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $5.00 to $5.50 in a research report on Tuesday, April 11th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $5.90.
Several large investors have recently added to or reduced their stakes in the stock. Municipal Employees Retirement System of Michigan increased its stake in Tetra Technologies by 23.7% in the first quarter. Municipal Employees Retirement System of Michigan now owns 26,270 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 5,030 shares during the last quarter. Mason Street Advisors LLC increased its stake in Tetra Technologies by 7.8% in the first quarter. Mason Street Advisors LLC now owns 27,039 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 1,961 shares during the last quarter. Karp Capital Management Corp bought a new stake in Tetra Technologies during the first quarter valued at approximately $121,000. Gotham Asset Management LLC bought a new stake in Tetra Technologies during the first quarter valued at approximately $128,000. Finally, Princeton Alpha Management LP bought a new stake in Tetra Technologies during the first quarter valued at approximately $144,000. 93.54% of the stock is owned by institutional investors.
The company’s 50 day moving average is $2.81 and its 200-day moving average is $3.64. The company’s market capitalization is $235.38 million.
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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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