Bank of America Corp DE Makes New $20.10 Million Investment in Tetra Technologies, Inc. $TTI

Key Points

• Bank of America acquired 1.77 million shares of Tetra Technologies during the second quarter, valued at approximately $20.1 million and representing a 1.2% stake. Institutional investors and hedge funds collectively own 70.19% of the company.
• Analysts maintain a “Moderate Buy” consensus on Tetra Technologies, with an average price target of $11.17; Stifel Nicolaus lowered its target from $13 to $12 while retaining a Buy rating.
• Tetra Technologies reported quarterly EPS of $0.08, in line with estimates, while revenue of $185.66 million exceeded expectations. Shares opened at $6.04, near the company’s 52-week low of $5.38.

Bank of America Corp DE acquired a new stake in Tetra Technologies, Inc. (NYSE:TTI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,774,275 shares of the oil and gas company's stock, valued at approximately $20,103,000. Bank of America Corp DE owned 1.20% of Tetra Technologies at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. acquired a new position in Tetra Technologies during the second quarter worth $138,491,000. Ranger Investment Management L.P. purchased a new stake in shares of Tetra Technologies in the 2nd quarter valued at $5,190,000. SIR Capital Management L.P. purchased a new stake in shares of Tetra Technologies in the 2nd quarter valued at $1,810,000. Edgestream Partners L.P. acquired a new position in Tetra Technologies during the 1st quarter worth about $2,874,000. Finally, Heartland Advisors Inc. lifted its stake in Tetra Technologies by 69.0% during the 1st quarter. Heartland Advisors Inc. now owns 613,800 shares of the oil and gas company's stock worth $5,230,000 after acquiring an additional 250,650 shares in the last quarter. 70.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on TTI shares. Stifel Nicolaus dropped their target price on Tetra Technologies from $13.00 to $12.00 and set a "buy" rating for the company in a research report on Wednesday. Northland Securities set a $10.00 price objective on shares of Tetra Technologies in a research note on Tuesday, September 1st. Finally, Weiss Ratings cut shares of Tetra Technologies from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 4th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Tetra Technologies has an average rating of "Moderate Buy" and a consensus price target of $11.17.

Insiders Place Their Bets

In other Tetra Technologies news, CEO Brady M. Murphy sold 50,000 shares of Tetra Technologies stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $10.72, for a total transaction 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 $31,789,699.04. The trade was a 1.66% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Angela D. John acquired 10,000 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were acquired at an average cost of $6.50 per share, with a total value of $65,000.00. Following the completion of the transaction, the director owned 97,434 shares in the company, valued at approximately $633,321. This represents a 11.44% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 6.27% of the company's stock.

Tetra Technologies Stock Up 1.1%

TTI stock opened at $6.04 on Friday. The company's 50 day moving average price is $7.45 and its 200 day moving average price is $8.76. The firm has a market capitalization of $893.75 million, a price-to-earnings ratio of 150.94 and a beta of 1.23. Tetra Technologies, Inc. has a fifty-two week low of $5.38 and a fifty-two week high of $12.54. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.76 and a current ratio of 2.46.

Tetra Technologies (NYSE:TTI - Get Free Report) last issued its quarterly 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 net margin of 0.97% and a return on equity of 9.11%. The company had revenue of $185.66 million during the quarter, compared to the consensus estimate of $176.16 million. During the same quarter in the previous year, the firm earned $0.08 earnings per share. On average, equities research analysts anticipate that Tetra Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Tetra Technologies Profile

TETRA Technologies, Inc NYSE: TTI is an energy services and industrial products company that provides specialized fluids, water-management services and related solutions to the oil and gas industry. The company serves customers involved in drilling, completion, production and well-maintenance activities.

Its Completion Fluids and Products business supplies clear brine fluids and associated products, including calcium bromide, zinc bromide and calcium chloride-based fluids used in well-completion and workover operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.