Tetra Technologies (NYSE:TTI) Shares Gap Down on Disappointing Earnings

Tetra Technologies, Inc. (NYSE:TTI)’s share price gapped down before the market opened on Thursday following a weaker than expected 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.

The oil and gas company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). Tetra Technologies had a return on equity of 12.53% and a net margin of 0.48%.The firm had revenue of $146.68 million during the quarter, compared to analyst estimates of $140.98 million.

Analysts Set New Price Targets

A number of research firms have commented on TTI. CJS Securities began coverage on shares of Tetra Technologies in a research report on Thursday, December 11th. They set an “outperform” rating and a $11.50 price target on the stock. Northland Securities raised their price objective on shares of Tetra Technologies from $8.50 to $11.50 and gave the company an “outperform” rating in a research note on Wednesday, December 31st. Wall Street Zen cut Tetra Technologies from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Clear Str downgraded Tetra Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Finally, Stifel Nicolaus increased their price target on Tetra Technologies from $9.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $10.25.

Hedge Funds Weigh In On Tetra Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in Tetra Technologies by 87.3% during the 1st quarter. AQR Capital Management LLC now owns 120,585 shares of the oil and gas company’s stock valued at $405,000 after purchasing an additional 56,203 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Tetra Technologies by 125.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 161,840 shares of the oil and gas company’s stock valued at $544,000 after buying an additional 90,001 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Tetra Technologies by 389.7% during the first quarter. Jane Street Group LLC now owns 225,101 shares of the oil and gas company’s stock valued at $756,000 after buying an additional 302,793 shares in the last quarter. CWM LLC raised its position in Tetra Technologies by 296.0% during the second quarter. CWM LLC now owns 16,119 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 12,049 shares during the period. Finally, Emerald Advisers LLC lifted its stake in Tetra Technologies by 15.3% in the 2nd quarter. Emerald Advisers LLC now owns 213,710 shares of the oil and gas company’s stock worth $718,000 after acquiring an additional 28,364 shares in the last quarter. Institutional investors and hedge funds own 70.19% of the company’s stock.

Tetra Technologies Stock Performance

The stock has a market capitalization of $1.21 billion, a PE ratio of 454.00 and a beta of 1.24. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.56 and a current ratio of 2.35. The firm has a 50 day moving average of $10.70 and a 200-day moving average of $7.91.

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.