Tetra Technologies (NYSE:TTI) Shares Down 7% – Here’s Why

Tetra Technologies, Inc. (NYSE:TTI)’s stock price fell 7% during trading on Wednesday . The stock traded as low as $7.44 and last traded at $7.4250. Approximately 1,712,070 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 1,788,794 shares. The stock had previously closed at $7.98.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on TTI shares. Weiss Ratings cut Tetra Technologies from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, August 4th. Northland Securities lifted their price target on shares of Tetra Technologies from $11.50 to $14.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 30th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.83.

Tetra Technologies Stock Down 6.8%

The business’s fifty day moving average price is $9.23 and its 200 day moving average price is $9.51. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 185.45 and a beta of 1.25. The company has a current ratio of 2.46, a quick ratio of 1.76 and a debt-to-equity ratio of 0.43.

Tetra Technologies (NYSE:TTI) last issued its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $185.66 million during the quarter, compared to analysts’ expectations of $176.16 million. Tetra Technologies had a net margin of 0.97% and a return on equity of 9.11%. During the same quarter in the prior year, the business earned $0.08 EPS. On average, equities analysts expect that Tetra Technologies, Inc. will post 0.26 EPS for the current year.

Insiders Place Their Bets

In other news, VP Kurt Hallead acquired 22,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was purchased at an average cost of $9.86 per share, with a total value of $216,920.00. Following the purchase, the vice president directly owned 170,764 shares of the company’s stock, valued at approximately $1,683,733.04. This trade represents a 14.79% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Brady M. Murphy sold 50,000 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $10.72, for a total transaction of $536,000.00. Following the completion of the sale, the chief executive officer directly owned 2,965,457 shares in the company, valued at approximately $31,789,699.04. The trade was a 1.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 6.27% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tetra Technologies

Institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in Tetra Technologies by 60.2% during 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 purchasing an additional 880,413 shares in the last quarter. Empowered Funds LLC purchased a new position in Tetra Technologies in the 2nd quarter valued at about $7,526,000. Jefferies Financial Group Inc. acquired a new stake in shares of Tetra Technologies during the 2nd quarter worth about $148,000. Bank of America Corp DE acquired a new stake in shares of Tetra Technologies during the 2nd quarter worth about $20,103,000. Finally, Jupiter Topco LLC purchased a new stake in shares of Tetra Technologies during the second quarter worth about $690,000. 70.19% of the stock is owned by institutional investors and hedge funds.

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.