Tetra Technologies, Inc. (NYSE:TTI) achieved a significant milestone as its share price hit a new 52-week high during trading on October 30, 2023. The stock reached an intraday peak of $10.41 before closing at $10.1340, following a volume of 232,494 shares traded. This surge marks a notable increase from its previous closing price of $9.87.
Analysts closely monitoring the company have provided mixed assessments. On November 1, Wall Street Zen downgraded Tetra Technologies from a “buy” rating to a “hold” rating. Conversely, Stifel Nicolaus issued a bullish price target of $13.00 in a recent report. Analysts at Weiss Ratings maintained a “hold (C+)” rating, while Northland Securities raised its target price from $8.50 to $11.50 and classified the stock as an “outperform.” CJS Securities, in a report on December 11, 2023, also initiated coverage with an “outperform” rating and a $11.50 target.
Currently, four analysts have assigned a “buy” rating, and one has categorized it as a “hold.” Data from MarketBeat indicates a consensus rating of “Moderate Buy” with an average price target of $10.25.
Recent Earnings and Financial Performance
Tetra Technologies recently reported its earnings for the third quarter on October 28, 2023. The company announced earnings per share (EPS) of $0.04, aligning with analysts’ expectations. Revenue for the quarter totaled $153.24 million, surpassing projections of $144.40 million. The company demonstrated a return on equity of 13.07% and a net margin of 19.75%. Analysts predict that Tetra Technologies will post an EPS of $0.15 for the current fiscal year.
In a related development, Vice President Alicia R. Boston sold 19,257 shares of the company’s stock on November 10, 2023, at an average price of $7.94. This transaction, valued at approximately $152,900.58, reduced her ownership by 12.67%, leaving her with 132,672 shares worth about $1,053,415.68. Insiders now hold 5.71% of the company’s stock.
Institutional Investor Activity
Recent activity among institutional investors has also influenced Tetra Technologies’ stock dynamics. Sei Investments Co. increased its stake by 2.5% during the third quarter, acquiring an additional 1,754 shares for a total of 73,170 shares valued at approximately $421,000. Diversified Trust Co. raised its holdings by 5.6%, bringing its total to 45,436 shares worth $426,000.
Additionally, Wealth Enhancement Advisory Services LLC expanded its position by 11.8%, now owning 30,977 shares valued at around $301,000. JPMorgan Chase & Co. and The Manufacturers Life Insurance Company also reported slight increases in their holdings. Overall, institutional investors hold approximately 70.19% of Tetra Technologies’ stock.
Tetra Technologies operates in the oil and gas sector, providing specialized products and services primarily through its Oilfield Services and Chemical Solutions segments. The company supports hydraulic fracturing and wellsite fluid systems as well as offers a range of drilling, completion, and production chemicals.
Investors remain attentive to Tetra Technologies as the company continues to navigate the evolving energy landscape and responds to analyst evaluations and market conditions.
