TETRA Technologies (TTI) Posts Earnings Results, Misses Expectations By $0.05 EPS

TETRA Technologies (NYSE:TTI) announced its quarterly earnings results on Thursday. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.05), MarketWatch Earnings reports. The firm had revenue of $256.90 million for the quarter, compared to analyst estimates of $261.69 million. TETRA Technologies had a negative return on equity of 0.90% and a negative net margin of 9.43%. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.04 EPS. TETRA Technologies updated its FY 2018 guidance to EPS.

TETRA Technologies stock opened at $3.22 on Friday. TETRA Technologies has a fifty-two week low of $2.81 and a fifty-two week high of $5.11. The company has a debt-to-equity ratio of 2.61, a current ratio of 2.45 and a quick ratio of 1.66. The company has a market capitalization of $409.71 million, a P/E ratio of -15.33, a P/E/G ratio of 2.62 and a beta of 1.28.

In related news, Director Thomas R. Bates, Jr. bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was purchased at an average price of $4.38 per share, for a total transaction of $43,800.00. Following the acquisition, the director now owns 143,044 shares of the company’s stock, valued at $626,532.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP James H. Funke sold 35,000 shares of TETRA Technologies stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $5.01, for a total transaction of $175,350.00. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its position in TETRA Technologies by 14.3% in the 2nd quarter. BlackRock Inc. now owns 17,933,646 shares of the oil and gas company’s stock valued at $79,804,000 after buying an additional 2,246,857 shares during the period. Dimensional Fund Advisors LP boosted its position in TETRA Technologies by 10.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,583,243 shares of the oil and gas company’s stock valued at $33,746,000 after buying an additional 702,910 shares during the period. Wells Fargo & Company MN boosted its position in TETRA Technologies by 0.5% in the 3rd quarter. Wells Fargo & Company MN now owns 4,939,235 shares of the oil and gas company’s stock valued at $22,276,000 after buying an additional 25,155 shares during the period. Renaissance Technologies LLC boosted its position in TETRA Technologies by 38.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,943,200 shares of the oil and gas company’s stock valued at $8,647,000 after buying an additional 541,900 shares during the period. Finally, Northern Trust Corp boosted its position in TETRA Technologies by 13.0% in the 2nd quarter. Northern Trust Corp now owns 1,523,103 shares of the oil and gas company’s stock valued at $6,778,000 after buying an additional 175,398 shares during the period. 83.25% of the stock is owned by institutional investors.

A number of analysts have recently issued reports on TTI shares. ValuEngine downgraded shares of TETRA Technologies from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Zacks Investment Research downgraded shares of TETRA Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Wells Fargo & Co raised their price target on shares of TETRA Technologies from $5.50 to $6.00 and gave the stock an “outperform” rating in a report on Friday, August 10th. B. Riley set a $8.00 price target on shares of TETRA Technologies and gave the stock a “buy” rating in a report on Sunday, October 7th. Finally, Stifel Nicolaus started coverage on shares of TETRA Technologies in a report on Monday, September 10th. They set a “buy” rating and a $6.50 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $5.61.

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About TETRA Technologies

TETRA Technologies, Inc, together with its subsidiaries, operates as a diversified oil and gas services company. The company's Fluids division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa.

See Also: Price to Earnings Ratio (PE) Basics

Earnings History for TETRA Technologies (NYSE:TTI)

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