Zacks Investment Research Downgrades TETRA Technologies (NYSE:TTI) to Hold

Zacks Investment Research lowered shares of TETRA Technologies (NYSE:TTI) from a buy rating to a hold rating in a report released on Saturday, January 6th.

According to Zacks, “TETRA Technologies, Inc. is a geographically diversified oil and gas services company, focused on completion fluids and associated products and services, water management, frac flowback, production well testing, offshore rig cooling, compression services and equipment, and selected offshore services including well plugging and abandonment, decommissioning, and diving. TETRA is comprised of three divisions – Fluids, Well Abandonment/Decommissioning and Testing & Services. “

TTI has been the subject of several other research reports. Royal Bank of Canada set a $5.00 target price on TETRA Technologies and gave the stock a hold rating in a research report on Thursday, December 21st. Loop Capital increased their target price on TETRA Technologies from $5.00 to $6.00 and gave the stock a buy rating in a research report on Friday, November 10th. Morgan Stanley increased their target price on TETRA Technologies from $3.00 to $4.00 and gave the stock an equal weight rating in a research report on Wednesday, November 15th. Wells Fargo & Co increased their target price on TETRA Technologies from $3.50 to $5.00 and gave the stock an outperform rating in a research report on Friday, November 10th. Finally, Credit Suisse Group raised their price target on TETRA Technologies from $3.50 to $4.00 and gave the company an outperform rating in a report on Friday, November 10th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $5.00.

TETRA Technologies (NYSE:TTI) traded down $0.14 during midday trading on Friday, hitting $4.25. The stock had a trading volume of 1,109,300 shares, compared to its average volume of 923,070. The company has a debt-to-equity ratio of 1.63, a current ratio of 2.24 and a quick ratio of 1.38. TETRA Technologies has a 1 year low of $1.85 and a 1 year high of $5.09. The company has a market capitalization of $498.32, a P/E ratio of -9.88 and a beta of 0.99.

TETRA Technologies (NYSE:TTI) last released its earnings results on Thursday, November 9th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.06. TETRA Technologies had a negative return on equity of 6.89% and a negative net margin of 5.47%. The firm had revenue of $216.36 million during the quarter, compared to analysts’ expectations of $218.65 million. During the same quarter last year, the business posted ($0.05) earnings per share. The firm’s revenue was up 22.5% on a year-over-year basis. analysts forecast that TETRA Technologies will post -0.14 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ramsey Quantitative Systems purchased a new position in TETRA Technologies during the 2nd quarter valued at approximately $666,000. JPMorgan Chase & Co. lifted its stake in shares of TETRA Technologies by 3,012.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 46,187 shares of the oil and gas company’s stock valued at $129,000 after purchasing an additional 44,703 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of TETRA Technologies by 326.0% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 47,942 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 36,687 shares during the last quarter. GSA Capital Partners LLP lifted its stake in shares of TETRA Technologies by 73.7% in the 2nd quarter. GSA Capital Partners LLP now owns 57,037 shares of the oil and gas company’s stock valued at $159,000 after purchasing an additional 24,198 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of TETRA Technologies by 68.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 58,889 shares of the oil and gas company’s stock valued at $168,000 after purchasing an additional 23,839 shares during the last quarter. Institutional investors and hedge funds own 90.55% of the company’s stock.

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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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