Tetra Technologies, Inc. (NYSE:TTI)’s share price dropped 16.5% on Wednesday after the company announced weaker than expected quarterly earnings. 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 9.56% and a negative net margin of 8.27%. The firm 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) EPS. Tetra Technologies’s quarterly revenue was up 18.6% compared to the same quarter last year.
TTI has been the topic of a number of recent research reports. Morgan Stanley dropped their price target on Tetra Technologies from $5.50 to $4.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 21st. Zacks Investment Research downgraded Tetra Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Royal Bank Of Canada reissued a “hold” rating and set a $3.25 price target on shares of Tetra Technologies in a research report on Thursday, July 20th. Finally, BidaskClub downgraded Tetra Technologies from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Tetra Technologies currently has a consensus rating of “Buy” and a consensus target price of $5.67.
Large investors have recently modified their holdings of the company. Karp Capital Management Corp bought a new stake in shares of Tetra Technologies during the first quarter worth $121,000. UBS Asset Management Americas Inc. boosted its stake in Tetra Technologies by 96.8% in the first quarter. UBS Asset Management Americas Inc. now owns 58,849 shares of the oil and gas company’s stock worth $240,000 after buying an additional 28,952 shares during the period. Comerica Bank boosted its stake in Tetra Technologies by 35.1% in the first quarter. Comerica Bank now owns 164,397 shares of the oil and gas company’s stock worth $559,000 after buying an additional 42,721 shares during the period. Bank of New York Mellon Corp boosted its stake in Tetra Technologies by 9.6% in the first quarter. Bank of New York Mellon Corp now owns 1,650,044 shares of the oil and gas company’s stock worth $6,717,000 after buying an additional 144,630 shares during the period. Finally, Princeton Alpha Management LP acquired a new stake in Tetra Technologies during the first quarter worth approximately $144,000. Hedge funds and other institutional investors own 93.26% of the company’s stock.
The company’s 50 day moving average price is $2.58 and its 200-day moving average price is $3.46. The firm’s market capitalization is $224.84 million.
Tetra Technologies Company Profile
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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