Barclays Maintains an 'Equalweight' on TETRA Technologies (TTI); Adding to Offshore Services with Tetra Hedron

Barclays maintains an 'Equalweight' on TETRA Technologies Inc. (NYSE: TTI) price target of $14.00.

Barclays analyst said, "Given equity market conditions and a general aversion to energy-related equities currently, we believe the market is missing some key and important changes under way at Tetra. The management team is 1) executing on its stated strategy, 2) streamlining the operations and the story, 3) highlighting the value of certain businesses (Compressco), and has 4) cleaned up the balance sheet."

"We are adjusting our 2011 EPS estimate to $0.55 (from $0.50) as better-than-expected 2Q results and modestly higher 2H Fluids margins from the completion of the El Dorado facility outweigh competitive pressures in the GOM for the company's Offshore Services Division. We are adjusting our 2012 and 2013 EPS estimates to $0.90 and $1.15 (from $0.85 and $1.10), respectively, largely reflecting the contribution from the TETRA Hedron."

For more ratings news on TETRA Technologies Inc. click here and for the rating history of TETRA Technologies Inc. click here.

Shares of TETRA Technologies Inc. closed at $9.82 yesterday.

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