Squarepoint Ops LLC Cuts Holdings in Tetra Technologies, Inc. $TTI

Key Points

• Squarepoint Ops LLC reduced its Tetra Technologies stake by 73.8% in the second quarter, selling 243,287 shares and retaining 86,366 shares worth approximately $979,000. Institutional investors collectively own 70.19% of Tetra’s stock.
• Insider activity was mixed: CEO Brady Murphy sold 50,000 shares for $536,000, while Director Angela John purchased 10,000 shares for $65,000. Corporate insiders own 6.27% of the company.
• Tetra reported quarterly EPS of $0.08, matching estimates, while revenue of $185.66 million exceeded expectations. Shares opened at $6.14, and analysts maintain a “Moderate Buy” consensus with an average price target of $11.50.

Squarepoint Ops LLC trimmed its position in Tetra Technologies, Inc. (NYSE:TTI - Free Report) by 73.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 86,366 shares of the oil and gas company's stock after selling 243,287 shares during the period. Squarepoint Ops LLC owned about 0.06% of Tetra Technologies worth $979,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Baird Financial Group Inc. purchased a new position in shares of Tetra Technologies in the 2nd quarter worth approximately $280,000. Corient Private Wealth LP purchased a new stake in shares of Tetra Technologies during the second quarter valued at approximately $114,000. Amundi increased its position in shares of Tetra Technologies by 249.5% during the second quarter. Amundi now owns 58,017 shares of the oil and gas company's stock valued at $657,000 after acquiring an additional 41,419 shares during the last quarter. Benjamin Edwards Inc. lifted 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 acquiring an additional 2,318 shares during the period. Finally, Penn Capital Management Company LLC lifted its holdings in Tetra Technologies by 62.4% during the second quarter. Penn Capital Management Company LLC now owns 180,867 shares of the oil and gas company's stock worth $2,049,000 after acquiring an additional 69,500 shares during the period. Hedge funds and other institutional investors own 70.19% of the company's stock.

Insider Buying and Selling at Tetra Technologies

In other Tetra Technologies news, CEO Brady Murphy sold 50,000 shares of the stock in a transaction on 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 transaction, the chief executive officer directly owned 2,965,457 shares of the company's stock, valued at approximately $31,789,699.04. This represents a 1.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Angela John bought 10,000 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was purchased 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 directly owned 97,434 shares of the company's stock, valued at approximately $633,321. The trade was a 11.44% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 6.27% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TTI. Northland Securities set a $10.00 price objective on Tetra Technologies in a research note on Tuesday, September 1st. Weiss Ratings cut Tetra Technologies from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $11.50.

Tetra Technologies Stock Down 2.1%

Tetra Technologies stock opened at $6.14 on Friday. Tetra Technologies, Inc. has a twelve month low of $5.15 and a twelve month high of $12.54. The firm has a 50 day moving average price of $7.78 and a 200-day moving average price of $8.85. The company has a market capitalization of $909.89 million, a P/E ratio of 153.66 and a beta of 1.23. The company has a quick ratio of 1.76, a current ratio of 2.46 and a debt-to-equity ratio of 0.43.

Tetra Technologies (NYSE:TTI - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The oil and gas company reported $0.08 EPS for the quarter, hitting analysts' consensus estimates of $0.08. The company had revenue of $185.66 million for the quarter, compared to analysts' expectations of $176.16 million. Tetra Technologies had a net margin of 0.97% and a return on equity of 9.11%. During the same quarter in the previous year, the firm posted $0.08 EPS. As a group, equities analysts predict that Tetra Technologies, Inc. will post 0.26 EPS for the current year.

Tetra Technologies Company 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.

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