Tetra Technologies, Inc. $TTI Stake Boosted by Wellington Management Group LLP

Key Points

• Wellington Management increased its Tetra Technologies stake by 60.2% in the second quarter, adding 880,413 shares to own 2.34 million shares valued at approximately $26.6 million. Institutional investors and hedge funds now hold 70.19% of Tetra’s stock.
• Tetra reported quarterly revenue of $185.66 million, above the $176.16 million consensus estimate, while earnings matched expectations at $0.08 per share. Shares opened at $6.88, below their 50-day and 200-day moving averages.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $11.50, compared with the current share price. Company insiders also purchased shares recently, including a 10,000-share purchase by Director Angela D. John.

Wellington Management Group LLP boosted its stake in shares of Tetra Technologies, Inc. (NYSE:TTI - Free Report) by 60.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,343,491 shares of the oil and gas company's stock after buying an additional 880,413 shares during the period. Wellington Management Group LLP owned about 1.58% of Tetra Technologies worth $26,552,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empowered Funds LLC purchased a new position in shares of Tetra Technologies in the second quarter worth approximately $7,526,000. Jefferies Financial Group Inc. purchased a new stake in shares of Tetra Technologies in the 2nd quarter valued at approximately $148,000. Bank of America Corp DE acquired a new position in Tetra Technologies in the 2nd quarter worth approximately $20,103,000. Jupiter Topco LLC acquired a new position in Tetra Technologies in the 2nd quarter worth approximately $690,000. Finally, Expect Equity LLC purchased a new position in Tetra Technologies during the 2nd quarter worth approximately $362,000. 70.19% of the stock is currently owned by institutional investors and hedge funds.

Tetra Technologies Stock Performance

Shares of TTI opened at $6.88 on Friday. The company's 50 day moving average price is $8.35 and its 200 day moving average price is $9.11. Tetra Technologies, Inc. has a 52 week low of $4.61 and a 52 week high of $12.54. The company has a market capitalization of $1.02 billion, a PE ratio of 172.04 and a beta of 1.23. 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 released 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 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 prior year, the firm earned $0.08 EPS. Research analysts expect that Tetra Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TTI. Northland Securities set a $10.00 target price on Tetra Technologies in a report on Tuesday. Weiss Ratings downgraded Tetra Technologies from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 4th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Tetra Technologies presently has a consensus rating of "Moderate Buy" and a consensus price target of $11.50.

Insider Activity at Tetra Technologies

In other Tetra Technologies news, Director Angela D. John acquired 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The stock was purchased at an average cost of $6.50 per share, for a total transaction of $65,000.00. Following the completion of the acquisition, the director owned 97,434 shares of the company's stock, valued at approximately $633,321. This trade represents a 11.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Kurt Hallead acquired 22,000 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was bought at an average cost of $9.86 per share, for a total transaction of $216,920.00. Following the completion of the purchase, the vice president directly owned 170,764 shares in the company, valued at $1,683,733.04. This represents a 14.79% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 6.27% of the stock is currently owned by company insiders.

Tetra Technologies Profile

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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