Tetra Technologies (NYSE:TTI) Stock Price Down 7% – Here’s What Happened

Shares of Tetra Technologies, Inc. (NYSE:TTI) dropped 7% on Wednesday . The stock traded as low as $7.44 and last traded at $7.4250. Approximately 1,712,070 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 1,788,794 shares. The stock had previously closed at $7.98.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Weiss Ratings downgraded shares of Tetra Technologies from a “hold (c)” rating to a “hold (c-)” rating in a research report on Tuesday, August 4th. Northland Securities increased their target price on shares of Tetra Technologies from $11.50 to $14.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 30th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.83.

Tetra Technologies Price Performance

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.76 and a current ratio of 2.46. The company has a 50-day simple moving average of $9.10 and a 200-day simple moving average of $9.45. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 180.30 and a beta of 1.25.

Tetra Technologies (NYSE:TTI) last issued its earnings results on Monday, August 3rd. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.08. Tetra Technologies had a return on equity of 9.11% and a net margin of 0.97%.The business had revenue of $185.66 million during the quarter, compared to the consensus estimate of $176.16 million. During the same period in the prior year, the business posted $0.08 EPS. As a group, research analysts predict that Tetra Technologies, Inc. will post 0.26 earnings per share for the current year.

Insider Buying and Selling at Tetra Technologies

In other Tetra Technologies news, VP Kurt Hallead bought 22,000 shares of Tetra Technologies stock in a transaction on Tuesday, June 9th. The stock was bought at an average price of $9.86 per share, with a total value of $216,920.00. Following the completion of the acquisition, the vice president owned 170,764 shares in the company, valued at $1,683,733.04. The trade was a 14.79% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Brady M. Murphy sold 50,000 shares of the firm’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $10.72, for a total value of $536,000.00. Following the completion of the sale, the chief executive officer directly owned 2,965,457 shares of the company’s stock, valued at approximately $31,789,699.04. This trade represents a 1.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 6.27% of the company’s stock.

Institutional Trading of Tetra Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in TTI. Benjamin Edwards Inc. boosted its holdings in Tetra Technologies by 15.4% during the second quarter. Benjamin Edwards Inc. now owns 17,357 shares of the oil and gas company’s stock worth $197,000 after buying an additional 2,318 shares in the last quarter. Penn Capital Management Company LLC lifted its position in shares of Tetra Technologies by 62.4% during the 2nd quarter. Penn Capital Management Company LLC now owns 180,867 shares of the oil and gas company’s stock valued at $2,049,000 after acquiring an additional 69,500 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Tetra Technologies by 17.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 207,954 shares of the oil and gas company’s stock valued at $2,356,000 after acquiring an additional 31,086 shares during the period. Wellington Management Group LLP boosted its stake in shares of Tetra Technologies by 60.2% during the 2nd quarter. Wellington Management Group LLP now owns 2,343,491 shares of the oil and gas company’s stock worth $26,552,000 after acquiring an additional 880,413 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in shares of Tetra Technologies during the 2nd quarter worth approximately $7,526,000. Institutional investors and hedge funds own 70.19% of the company’s stock.

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.