Tetra Technologies (NYSE:TTI) Shares Gap Down Following Weak Earnings

Tetra Technologies, Inc. (NYSE:TTI)’s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $11.14, but opened at $9.91. Tetra Technologies shares last traded at $9.0450, with a volume of 893,777 shares trading hands.

The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Tetra Technologies had a net margin of 19.75% and a return on equity of 13.07%. The firm had revenue of $146.68 million during the quarter, compared to the consensus estimate of $140.98 million.

Wall Street Analyst Weigh In

TTI has been the subject of several research analyst reports. Clear Str downgraded Tetra Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. CJS Securities assumed coverage on Tetra Technologies in a report on Thursday, December 11th. They set an “outperform” rating and a $11.50 price target for the company. Stifel Nicolaus upped their price objective on shares of Tetra Technologies from $9.00 to $13.00 and gave the company a “buy” rating in a report on Monday, January 12th. Weiss Ratings reissued a “hold (c+)” rating on shares of Tetra Technologies in a research report on Friday, January 9th. Finally, Wall Street Zen downgraded shares of Tetra Technologies from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $10.25.

Institutional Investors Weigh In On Tetra Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of TTI. Mercer Global Advisors Inc. ADV boosted its position in shares of Tetra Technologies by 5.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 24,819 shares of the oil and gas company’s stock valued at $233,000 after acquiring an additional 1,272 shares during the period. ProShare Advisors LLC raised its stake in Tetra Technologies by 6.7% in the 4th quarter. ProShare Advisors LLC now owns 23,179 shares of the oil and gas company’s stock worth $217,000 after purchasing an additional 1,452 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Tetra Technologies by 31.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 6,204 shares of the oil and gas company’s stock valued at $58,000 after purchasing an additional 1,473 shares during the period. LPL Financial LLC grew its position in shares of Tetra Technologies by 9.7% during the 4th quarter. LPL Financial LLC now owns 19,626 shares of the oil and gas company’s stock worth $184,000 after purchasing an additional 1,739 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Tetra Technologies by 2.5% during the 3rd quarter. Sei Investments Co. now owns 73,170 shares of the oil and gas company’s stock worth $421,000 after purchasing an additional 1,754 shares in the last quarter. Institutional investors and hedge funds own 70.19% of the company’s stock.

Tetra Technologies Price Performance

The company has a quick ratio of 1.56, a current ratio of 2.35 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average price is $10.70 and its 200 day moving average price is $7.90. The company has a market capitalization of $1.25 billion, a P/E ratio of 10.29 and a beta of 1.24.

About Tetra Technologies

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.