B.Riley FBR analyst Tom Curran maintained a Buy rating on Tetra Technologies Inc (TTI) today and set a price target of $5. The company’s shares closed on Friday at $1.71, close to its 52-week low of $1.25.
Curran commented:
“Yesterday, 8/8, TTI reported 2Q19 revenue, adjusted EBITDA, and adjusted EPS of $288.8M, $50.1M, and $(0.02), versus the and $(0.02). The strong beat was led by the Completion Fluids & Products segment, which increased sequential revenue and EBITDA by 30% and 73%, respectively. The division experienced high demand and significant price improvements in the and international offshore markets. In light of the solid quarter and positive update regarding CS Neptune, we raise our EBITDA estimates for 2019/2020 from $187.2M/$233.9M to $190.3M/$234.5M. Our revenue estimates fall slightly (from $1,106.6M/$1,187.2M to $1,082.9M/$1,141.8M as Completion Fluids strength is offset by lower top-line estimates for Water & Flowback and Compression.”
According to TipRanks.com, Curran ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -11.7% and a 33.0% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Solaris Oilfield Infrastructure Inc, Independence Contract Drilling, and Select Energy Services Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Tetra Technologies Inc with a $4.50 average price target, representing a 163.2% upside. In a report issued on August 8, Evercore ISI also assigned a Buy rating to the stock with a $6 price target.
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Based on Tetra Technologies Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $6.91 million. In comparison, last year the company had a GAAP net loss of $5.94 million.
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TETRA Technologies, Inc. is a geographically diversified oil and gas services company, engages in the completion of fluids and associated products and services. It operates through the following segments: Completion Fluids and Products; Compression; and Water and Flowback Services.
