Shares of Tetra Technologies, Inc. (NYSE:TTI) gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $1.71, but opened at $2.03. Tetra Technologies shares last traded at $2.12, with a volume of 766,702 shares changing hands.
The oil and gas company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.03. The company had revenue of $208.37 million during the quarter, compared to the consensus estimate of $204.19 million. Tetra Technologies had a negative net margin of 10.90% and a negative return on equity of 11.46%. The business’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS.
TTI has been the subject of a number of recent analyst reports. BidaskClub lowered shares of Tetra Technologies from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Johnson Rice upgraded shares of Tetra Technologies from an “accumulate” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Thursday, April 13th. Zacks Investment Research lowered shares of Tetra Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Morgan Stanley decreased their target price on shares of Tetra Technologies from $5.50 to $4.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $3.25 target price on shares of Tetra Technologies in a research report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $5.67.
A number of large investors have recently modified their holdings of TTI. Municipal Employees Retirement System of Michigan increased its stake in shares of 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 worth $107,000 after buying an additional 5,030 shares during the last quarter. Mason Street Advisors LLC increased its stake in shares of 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 worth $110,000 after buying an additional 1,961 shares during the last quarter. Hartford Investment Management Co. acquired a new stake in shares of Tetra Technologies during the second quarter worth $118,000. Karp Capital Management Corp acquired a new stake in shares of Tetra Technologies during the first quarter worth $121,000. Finally, Gotham Asset Management LLC acquired a new stake in shares of Tetra Technologies during the first quarter worth $128,000. 93.54% of the stock is owned by institutional investors.
The firm’s 50 day moving average price is $2.74 and its 200 day moving average price is $3.59. The firm’s market capitalization is $244.08 million.
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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