Yesterday’s Analyst’s Downgrade: TETRA Technologies, Inc (TTI)

TETRA Technologies, Inc. (NYSE:TTI) received a stock rating downgrade from Scotia Howard Weil on Mar-28-16. In a note to investors, the firm issued a Sector Perform rating. The analysts previously had a Sector Outperform rating on the stock.

Analysts have a consensus target price of $ 8.34 in the 12-month period. The price objective is 34.95% higher than the recent closing price of $ 6.18. The 52-week price range is $ 4.62 – 9.44 and the company has a market capitalization of $ 480.76M. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. zero analyst has rated the stock with a sell rating, zero has assigned a hold rating, 1 says it’s a buy, and 5 have assigned a strong buy rating to the company.

TETRA Technologies, Inc. (TTI) on February 26, 2016 announced fourth quarter 2015 adjusted earnings per share of $0.01, excluding Maritech and other charges, which compares to $0.09 per share in the fourth quarter of 2014, also excluding Maritech and other charges.  Fourth quarter 2015 revenue of $258 million declined 18% from the fourth quarter of 2014 primarily as a result of a 61% reduction in the North American rig count.

Consolidated GAAP fourth quarter 2015 earnings per share attributable to TETRA stockholders including Maritech and other charges was a loss of $(1.84), which compares to a loss of $(1.90) in the fourth quarter of 2014.

Highlights of the 2015 fourth quarter include:

• TETRA fourth quarter free cash flow(1) of $52 million, excluding CSI Compressco and $5 million of Maritech asset retirement obligation (ARO) expenditures, and $3 million of costs associated with the issuance of $125 million of 11% Senior Notes completed in the fourth quarter. For the full year ending December 31, 2015, TETRA free cash flow(1) was $120 million, excluding CSI Compressco and $10 million of Maritech ARO expenditures, and $3 million of costs associated with the note issuance.


• During 2015, TETRA reduced total debt outstanding by $102 million and improved its debt to EBITDA leverage ratio(3) from a high of 3.38x in 2014 to 1.86x at year-end 2015.


• Continued strength in our Fluids Division driven by offshore activities and the continued success of our zinc-free heavy completion fluid.


• Adjusted EBITDA(2) of $28.4 million for CSI Compressco LP, demonstrating continued profitability in the current environment.


• Continued reduction in operating expenses across all of our businesses.


• Robust earnings in our Offshore Services segment during what is typically a seasonally slow quarter.

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