BlueMountain Capital Management LLC lowered its stake in shares of TETRA Technologies, Inc. (NYSE:TTI) by 37.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 100,119 shares of the oil and gas company’s stock after selling 59,487 shares during the period. BlueMountain Capital Management LLC owned about 0.08% of TETRA Technologies worth $446,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in TETRA Technologies during the second quarter worth about $118,000. Barclays PLC raised its position in TETRA Technologies by 47.3% during the first quarter. Barclays PLC now owns 36,334 shares of the oil and gas company’s stock worth $137,000 after acquiring an additional 11,664 shares during the last quarter. GSA Capital Partners LLP raised its position in TETRA Technologies by 181.3% during the second quarter. GSA Capital Partners LLP now owns 31,352 shares of the oil and gas company’s stock worth $140,000 after acquiring an additional 20,205 shares during the last quarter. SG Americas Securities LLC raised its position in TETRA Technologies by 87.4% during the second quarter. SG Americas Securities LLC now owns 35,112 shares of the oil and gas company’s stock worth $156,000 after acquiring an additional 16,372 shares during the last quarter. Finally, Brasada Capital Management LP acquired a new position in TETRA Technologies during the first quarter worth about $206,000. 83.75% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Thomas R. Bates, Jr. bought 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The stock was acquired at an average cost of $4.38 per share, for a total transaction of $43,800.00. Following the completion of the purchase, the director now owns 143,044 shares of the company’s stock, valued at $626,532.72. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP James H. Funke sold 35,000 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $5.01, for a total transaction of $175,350.00. The disclosure for this sale can be found here. 5.69% of the stock is currently owned by corporate insiders.
TETRA Technologies (NYSE:TTI) last announced its earnings results on Thursday, August 9th. The oil and gas company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.02. The business had revenue of $260.10 million during the quarter, compared to the consensus estimate of $237.95 million. TETRA Technologies had a negative net margin of 9.43% and a negative return on equity of 0.90%. The business’s quarterly revenue was up 44.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) earnings per share. Research analysts anticipate that TETRA Technologies, Inc. will post 0.07 earnings per share for the current year.
TTI has been the subject of a number of analyst reports. B. Riley initiated coverage on shares of TETRA Technologies in a research report on Friday, July 6th. They issued a “buy” rating and a $8.00 price objective for the company. Zacks Investment Research lowered shares of TETRA Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Wells Fargo & Co upped their price target on shares of TETRA Technologies from $5.50 to $6.00 and gave the stock an “outperform” rating in a research report on Friday, August 10th. Credit Suisse Group upped their price target on shares of TETRA Technologies from $5.00 to $6.00 and gave the stock an “outperform” rating in a research report on Monday, August 13th. Finally, Stifel Nicolaus assumed coverage on shares of TETRA Technologies in a research report on Monday, September 10th. They set a “buy” rating and a $6.50 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.61.
TETRA Technologies Company Profile
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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