TETRA Technologies (TTI) Stock Price Down 4% on Disappointing Earnings

TETRA Technologies, Inc. (NYSE:TTI) shares dropped 4% on Friday following a weaker than expected earnings announcement. The company traded as low as $2.81 and last traded at $3.09. Approximately 11,152 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 919,520 shares. The stock had previously closed at $3.22.

The oil and gas company reported ($0.02) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.05). TETRA Technologies had a negative return on equity of 0.90% and a negative net margin of 9.43%. The company had revenue of $256.90 million for the quarter, compared to analyst estimates of $261.69 million. During the same period in the previous year, the firm earned $0.04 earnings per share. The company’s revenue for the quarter was up 18.7% compared to the same quarter last year.

TTI has been the subject of several analyst reports. B. Riley set a $8.00 target price on TETRA Technologies and gave the stock a “buy” rating in a research note on Sunday, October 7th. Wells Fargo & Co lifted their price target on TETRA Technologies from $5.50 to $6.00 and gave the stock an “outperform” rating in a report on Friday, August 10th. Stifel Nicolaus assumed coverage on TETRA Technologies in a report on Monday, September 10th. They set a “buy” rating and a $6.50 price target for the company. Piper Jaffray Companies set a $5.00 price target on TETRA Technologies and gave the stock a “buy” rating in a report on Wednesday, October 3rd. Finally, Zacks Investment Research downgraded TETRA Technologies from a “buy” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $5.61.

In other TETRA Technologies news, Director Thomas R. Bates, Jr. purchased 10,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was bought at an average cost of $4.38 per share, with a total value of $43,800.00. Following the acquisition, the director now directly owns 143,044 shares of the company’s stock, valued at $626,532.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP James H. Funke sold 35,000 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $5.01, for a total value of $175,350.00. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of TTI. Northern Trust Corp lifted its holdings in shares of TETRA Technologies by 1.4% in the 1st quarter. Northern Trust Corp now owns 1,347,705 shares of the oil and gas company’s stock valued at $5,054,000 after purchasing an additional 18,382 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of TETRA Technologies by 8.5% in the 1st quarter. Legal & General Group Plc now owns 230,954 shares of the oil and gas company’s stock valued at $860,000 after purchasing an additional 18,039 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of TETRA Technologies by 28.9% in the 1st quarter. Royal Bank of Canada now owns 161,607 shares of the oil and gas company’s stock valued at $606,000 after purchasing an additional 36,257 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of TETRA Technologies by 10.7% in the 1st quarter. Principal Financial Group Inc. now owns 978,888 shares of the oil and gas company’s stock valued at $3,671,000 after purchasing an additional 94,894 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in TETRA Technologies in the 2nd quarter valued at about $381,000. 83.25% of the stock is owned by institutional investors and hedge funds.

The stock has a market cap of $409.71 million, a PE ratio of -14.74, a PEG ratio of 2.62 and a beta of 1.28. The company has a quick ratio of 1.66, a current ratio of 2.45 and a debt-to-equity ratio of 2.61.

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TETRA Technologies Company Profile (NYSE:TTI)

TETRA Technologies, Inc, together with its subsidiaries, operates as a diversified oil and gas services company. The company's Fluids division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa.

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