UPDATE: Evercore ISI Double Upgrades TETRA Technologies Inc. (TTI) to Outperform

February 1, 2021 4:06 PM EST
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Price: $2.52 -3.45%

Rating Summary:
    7 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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(Updated - February 2, 2021 8:20 AM EST)

Evercore ISI analyst James West upgraded TETRA Technologies Inc. (NYSE: TTI) from Underperform to Outperform with a price target of $3.00.

The analyst comments "Meaningful Shift with Partial Sale of CCLP. TETRA finalized the sale of its CCLP GP units, IDRs and 10.95M common units to Spartan Energy Partners for $13.95M, which follows the sale of 15 large compressor units to the Texas-based private company for $14.2M in December. An additional $3.1M is contingent upon certain financial targets, with TTI retaining 5.2M common units or a minority 11% stake in CCLP. The company will continue to provide back office G&A support under a Transition Service Agreement for an unspecified period of time, but overall, we believe TETRA is a fundamentally different company that deserves another look."

For an analyst ratings summary and ratings history on TETRA Technologies Inc. click here. For more ratings news on TETRA Technologies Inc. click here.

Shares of TETRA Technologies Inc. closed at $1.43 yesterday.

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