Bank of New York Mellon Corp Takes Position in Tetra Technologies, Inc. $TTI

Key Points

• Bank of New York Mellon acquired 417,715 shares of Tetra Technologies in the second quarter, worth approximately $4.7 million and representing about 0.31% of the company. Institutional investors collectively own 70.19% of Tetra’s stock.
• Analysts maintain a generally positive outlook, with three Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $11.50. Weiss Ratings, however, downgraded the stock slightly from “hold (c)” to “hold (c-).”
• Tetra shares opened at $6.88, down 0.9%, after the company reported quarterly EPS of $0.08, in line with estimates, while revenue of $185.66 million exceeded the $176.16 million consensus forecast. Two insiders also purchased shares, including a director’s $65,000 buy.

Bank of New York Mellon Corp acquired a new position in Tetra Technologies, Inc. (NYSE:TTI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 417,715 shares of the oil and gas company's stock, valued at approximately $4,733,000. Bank of New York Mellon Corp owned approximately 0.31% of Tetra Technologies as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of TTI. Mercer Global Advisors Inc. ADV raised its holdings in shares of Tetra Technologies by 5.4% during 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 purchasing an additional 1,272 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Tetra Technologies by 6.7% in the fourth 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 during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Tetra Technologies by 31.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 6,204 shares of the oil and gas company's stock worth $58,000 after purchasing an additional 1,473 shares during the last quarter. LPL Financial LLC grew its position in Tetra Technologies by 9.7% in 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 during the period. Finally, Sei Investments Co. grew its position in Tetra Technologies by 2.5% in 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 during the period. Hedge funds and other institutional investors own 70.19% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on TTI shares. Weiss Ratings cut shares of Tetra Technologies from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 4th. Northland Securities set a $10.00 price target on shares of Tetra Technologies in a research note on Tuesday. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $11.50.

Tetra Technologies Trading Down 0.9%

Shares of Tetra Technologies stock opened at $6.88 on Friday. Tetra Technologies, Inc. has a twelve month low of $4.61 and a twelve month high of $12.54. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $8.35 and a 200-day moving average price of $9.11. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of 172.04 and a beta of 1.23.

Tetra Technologies (NYSE:TTI - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and gas company reported $0.08 EPS for the quarter, meeting analysts' consensus estimates of $0.08. Tetra Technologies had a return on equity of 9.11% and a net margin of 0.97%.The firm 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 company earned $0.08 EPS. Equities research analysts anticipate that Tetra Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insider Transactions at Tetra Technologies

In related news, Director Angela D. John purchased 10,000 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was bought at an average cost of $6.50 per share, for a total transaction of $65,000.00. Following the completion of the transaction, the director directly owned 97,434 shares in the company, valued at $633,321. This represents a 11.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Kurt Hallead purchased 22,000 shares of the stock in a transaction that occurred 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 transaction, the vice president owned 170,764 shares of the company's stock, valued at $1,683,733.04. The trade was a 14.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 6.27% 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.

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