Tetra Technologies (NYSE:TTI) Shares Gap Up - Still a Buy?

Key Points

• Tetra Technologies shares opened higher, rising from a prior close of $6.03 to $6.31 before settling near $6.19. Analysts maintain a “Moderate Buy” consensus, with an average price target of $11.17.
• The company matched quarterly earnings expectations at $0.08 per share and exceeded revenue forecasts, reporting $185.66 million versus the expected $176.16 million. Analysts project full-year EPS of $0.26.
• Insider and institutional activity was broadly supportive: a director purchased 10,000 shares, while institutional investors own approximately 70.19% of the company.

Tetra Technologies, Inc. (NYSE:TTI - Get Free Report) shares gapped up before the market opened on Tuesday. The stock had previously closed at $6.03, but opened at $6.31. Tetra Technologies shares last traded at $6.1850, with a volume of 165,330 shares.

Analysts Set New Price Targets

TTI has been the subject of a number of research analyst reports. Weiss Ratings cut Tetra Technologies from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, August 4th. Northland Securities set a $10.00 price target on Tetra Technologies in a research report on Tuesday, September 1st. Finally, Stifel Nicolaus reduced their price objective on Tetra Technologies from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Wednesday, September 23rd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $11.17.

Tetra Technologies Trading Up 2.5%

The company has a debt-to-equity ratio of 0.43, a current ratio of 2.46 and a quick ratio of 1.76. The firm has a market capitalization of $914.78 million, a price-to-earnings ratio of 154.49 and a beta of 1.26. The business's 50 day moving average price is $7.07 and its 200-day moving average price is $8.65.

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 the consensus estimate of $0.08. Tetra Technologies had a return on equity of 9.11% and a net margin of 0.97%.The company had revenue of $185.66 million for the quarter, compared to analysts' expectations of $176.16 million. During the same quarter in the previous year, the firm posted $0.08 EPS. Equities analysts forecast that Tetra Technologies, Inc. will post 0.26 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Angela John acquired 10,000 shares of Tetra Technologies stock in a transaction dated Wednesday, September 2nd. The shares were acquired 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 of the company's stock, valued at $633,321. The trade was a 11.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 6.27% of the company's stock.

Institutional Trading of Tetra Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TTI. Baird Financial Group Inc. acquired a new position in shares of Tetra Technologies in the 2nd quarter valued at approximately $280,000. Corient Private Wealth LP acquired a new stake in shares of Tetra Technologies during the second quarter worth $114,000. Amundi boosted its holdings in shares of Tetra Technologies by 249.5% in the 2nd quarter. Amundi now owns 58,017 shares of the oil and gas company's stock valued at $657,000 after buying an additional 41,419 shares during the period. Benjamin Edwards Inc. grew its position in shares of Tetra Technologies by 15.4% during the 2nd quarter. Benjamin Edwards Inc. now owns 17,357 shares of the oil and gas company's stock valued at $197,000 after buying an additional 2,318 shares during the last quarter. Finally, Penn Capital Management Company LLC grew its holdings in shares of 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 valued at $2,049,000 after purchasing an additional 69,500 shares during the last quarter. Hedge funds and other institutional investors own 70.19% of the company's stock.

About Tetra Technologies

Tetra Technologies, Inc NYSE: TTI is an energy services and solutions company that provides specialized products and services to the oil and gas industry, with additional activities related to energy transition. The company serves customers involved in drilling, well completion, production and offshore operations.

Tetra's Completion Fluids & Products segment supplies clear brine fluids, completion-fluid additives and related products used to control pressure and protect reservoirs during well-completion and workover activities.

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