D.A. Davidson & Co. Reduces FY Projections On TETRA Technologies Following Weak Offshore Results

In a report published Monday, D.A. Davidson & Co. analyst Tristan Richardson reiterated a Neutral rating and $12.50 price target on TETRA Technologies TTI. In the report, D.A. Davidson & Co. noted, “Earnings of $0.06 per share (excluding Maritech) were below our projection of $0.17 and reflects poor utilization in the Offshore business and no contribution from Production Testing (PT), where we had expected a small profit. Fluids enjoyed notable revenue growth, but at lower margins, as continued delays on Gulf of Mexico projects offset strong activity in frac-water management. Stable growth at Compressco was in line with our projections. Management's commentary suggests a sequential pickup in activity in the 2H of the year.” TETRA Technologies closed on Friday at $11.11.