Tetra Technologies, Inc. (NYSE:TTI) achieved a significant milestone on November 1, 2023, as its share price reached a new 52-week high of $10.41 during trading. The stock closed at $10.1340, with a trading volume of 232,494 shares, up from a previous close of $9.87. This surge raises questions about the potential for further growth in the company’s market performance.
Analysts Weigh In on Future Growth
Several analysts have recently evaluated Tetra Technologies’ stock, reflecting a range of opinions. Wall Street Zen downgraded the company from a “buy” rating to a “hold” rating on November 1, signaling a cautious outlook. Conversely, Stifel Nicolaus set a price target of $13.00, indicating optimism about the stock’s potential.
Weiss Ratings reaffirmed a “hold (C+)” rating, while Northland Securities increased their target from $8.50 to $11.50 and rated the stock as “outperform” on December 31, 2023. CJS Securities also initiated coverage with an “outperform” rating and a target of $11.50. Currently, four equity research analysts have assigned a “buy” rating, with one analyst giving a “hold” rating. According to MarketBeat data, Tetra Technologies holds a consensus rating of “Moderate Buy” with an average price target of $10.25.
Strong Earnings Report and Insider Activity
On October 28, 2023, Tetra Technologies announced its earnings results, reporting earnings per share (EPS) of $0.04, matching analysts’ expectations. The company generated revenue of $153.24 million, surpassing projections of $144.40 million. Tetra Technologies recorded a return on equity of 13.07% and a net margin of 19.75%. Analysts expect the company to achieve an EPS of $0.15 for the current fiscal year.
In related news, Alicia R. Shoemake, Vice President, sold 19,257 shares of Tetra Technologies on November 10, 2023, at an average price of $7.94, totaling $152,900.58. Following this transaction, Shoemake retains 132,672 shares, valued at approximately $1,053,415.68, reflecting a 12.67% decrease in ownership. This transaction was disclosed in a filing with the SEC.
Institutional Investor Activity
Recent activity among institutional investors indicates notable shifts in holdings. Sei Investments Co. increased its stake by 2.5% in the third quarter, acquiring an additional 1,754 shares, bringing its total to 73,170 shares, valued at $421,000. Diversified Trust Co. raised its holdings by 5.6% in the fourth quarter, now owning 45,436 shares worth $426,000 after purchasing 2,396 additional shares.
Wealth Enhancement Advisory Services LLC enhanced its position by 11.8%, acquiring 3,281 shares for a total of 30,977 shares valued at $301,000. JPMorgan Chase & Co. and The Manufacturers Life Insurance Company also increased their stakes, with ownership by institutional investors now at 70.19%.
About Tetra Technologies
Tetra Technologies, Inc. is a provider of specialized products and services for the upstream oil and gas industry. The company operates through two primary segments: Oilfield Services, which includes hydraulic fracturing and wellsite fluid systems, and Chemical Solutions, which manufactures a wide range of drilling, completion, and production chemicals. Tetra’s integrated service model encompasses design, blending, and on-site delivery of fluids, alongside pumping equipment and related wellsite operations.
As Tetra Technologies continues to navigate market dynamics, investors and analysts will closely monitor its performance and strategic developments in the coming months.
