Insider Buying: TETRA Technologies, Inc. (TTI) CEO Purchases 40,000 Shares of Stock
TETRA Technologies, Inc. (NYSE:TTI) CEO Stuart M. Brightman purchased 40,000 shares of the stock in a transaction that occurred on Friday, March 17th. The shares were purchased at an average cost of $3.85 per share, with a total value of $154,000.00. Following the completion of the acquisition, the chief executive officer now owns 875,294 shares in the company, valued at approximately $3,369,881.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Shares of TETRA Technologies, Inc. (NYSE:TTI) traded down 2.09% on Monday, reaching $3.75. 548,211 shares of the company’s stock traded hands. TETRA Technologies, Inc. has a 52 week low of $3.46 and a 52 week high of $7.75. The company’s 50-day moving average is $4.53 and its 200-day moving average is $5.19. The firm’s market capitalization is $433.62 million.
TETRA Technologies (NYSE:TTI) last posted its earnings results on Wednesday, March 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.11) by $0.05. The business earned $173.22 million during the quarter, compared to analyst estimates of $170.47 million. TETRA Technologies had a negative net margin of 35.47% and a negative return on equity of 8.79%. TETRA Technologies’s revenue was down 32.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.10 earnings per share. Equities research analysts anticipate that TETRA Technologies, Inc. will post ($0.22) earnings per share for the current fiscal year.
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A number of research firms recently weighed in on TTI. Zacks Investment Research lowered shares of TETRA Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, February 21st. Morgan Stanley lowered shares of TETRA Technologies from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $8.00 to $6.00 in a report on Monday, March 6th. They noted that the move was a valuation call. Scotiabank set a $7.00 price target on shares of TETRA Technologies and gave the company a “buy” rating in a report on Thursday, March 2nd. Wunderlich lowered shares of TETRA Technologies from a “buy” rating to a “hold” rating in a report on Friday, December 9th. Finally, Simmons lowered their price target on shares of TETRA Technologies from $5.65 to $4.80 and set an “overweight” rating for the company in a report on Tuesday, March 14th. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. TETRA Technologies presently has an average rating of “Buy” and a consensus price target of $6.73.
Hedge funds have recently bought and sold shares of the stock. BlackRock Fund Advisors boosted its stake in TETRA Technologies by 13.5% in the third quarter. BlackRock Fund Advisors now owns 6,864,662 shares of the company’s stock worth $41,943,000 after buying an additional 818,153 shares during the period. FMR LLC boosted its stake in TETRA Technologies by 111.3% in the fourth quarter. FMR LLC now owns 5,793,798 shares of the company’s stock worth $29,085,000 after buying an additional 3,051,513 shares during the period. Neuberger Berman Group LLC boosted its stake in TETRA Technologies by 0.4% in the third quarter. Neuberger Berman Group LLC now owns 3,132,948 shares of the company’s stock worth $19,142,000 after buying an additional 12,196 shares during the period. Norges Bank acquired a new stake in TETRA Technologies during the fourth quarter worth about $15,354,000. Finally, State Street Corp boosted its stake in TETRA Technologies by 19.5% in the fourth quarter. State Street Corp now owns 3,045,253 shares of the company’s stock worth $15,294,000 after buying an additional 496,384 shares during the period. Hedge funds and other institutional investors own 69.47% of the company’s stock.
About TETRA Technologies
TETRA Technologies, Inc is an oil and gas services company. The Company focuses on completion fluids and associated products and services, water management, production well testing, offshore rig cooling, compression services and equipment, and offshore services, such as decommissioning and diving. It is composed of five segments organized into four divisions: Fluids, Production Testing, Compression and Offshore.
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