Gabelli to hold a virtual symposium » 08:3804/0204/02/20
AQMS, BHTG, CWST, DAR, ECOL, GFL, LOOP, QRHC, REGI, SMED, TRNX, TTI, XEBEF
6th Annual Waste &…
6th Annual Waste & Environmental Services Symposium to be held on April 2. Webcast Link
Tetra Technologies lowers 2020 CapEx 40% from prior guidance of $25M » 17:0704/0104/01/20
Tetra has developed and…
Tetra has developed and implemented a series of measures to address the current environment with the COVID-19 virus pandemic and the anticipated significant reduction in oil and gas activity and demand as a result of lower oil prices. Steps are being taken to reduce corporate and related expenses by approximately 40% by the second half of 2020, when compared to the 4Q19 annualized run rate. Projected 2020 capital expenditures for Tetra, excluding the compression segment, have been reduced by approximately 40% from the prior mid-point guidance of $25M. SG&A and field operating expenses are being reduced through a combination of staff reductions and lower variable operating expenses. Tetra was also recently awarded two significant high-value completion fluids projects, one a multi-well deepwater Gulf of Mexico project for a supermajor oil company and the second one, a multi-year Middle East project for a major National Oil Company. Both of these projects will start in Q2. In previous guidance, Tetra noted that it expects adjusted free cash flow from continuing operations to improve by more than $25M over 1Q19, which would be a use of approximately $10M in Q1. Tetra now projects to outperform this guidance as a result of stronger than expected Q1 adjusted EBITDA and improvements in working capital.
Tetra Technologies receives NYSE noncompliance notice » 17:0304/0104/01/20
Tetra Technologies received formal notice from the NYSE that the average closing price of the company's shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE. Tetra intends to notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements within the six-month cure period. During the cure period, Tetra's shares of common stock will continue to trade on the NYSE. Tetracan regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Tetra is considering all available options to regain compliance, which may include a reverse stock split, subject to approval of the company's board of directors and stockholders.
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Fly Intel: Apple upgrade, drillers downgrades among top Wall Street calls » 09:4503/1303/13/20
AAPL, CTVA, FMC, LIN, SHW, MOS, VNTR, RIG, TTI, DO, NE, VAL, NINE, NCSM, APY, BKR, FTSI, HP, HFC, LBRT, NOV, OII, OIS, PTEN, PUMP, RNGR, SLB, CCL, RCL, NCLH
Check out today's top…
Drillers downgraded at Wells Fargo on recent sell off in commodity prices » 06:5603/1303/13/20
DO, NE, VAL, NINE, NCSM, TTI, APY, BKR, FTSI, HP, HFC, LBRT, NOV, OII, OIS, PTEN, PUMP, RNGR, SLB, RIG
Wells Fargo analyst…
Wells Fargo analyst Christopher Voie downgraded several stocks in the drilling space, citing the recent sell off in commodity prices and degradation in his outlook for OFS. The analyst downgraded Transocean (RIG) and Tetra Technologies (TTI) to Equal Weight from Overweight and Diamond Offshore (DO), Noble Corp (NE), Valaris (VAL), Nine Energy Service (NINE) NCS Multistage (NCSM) to Underweight from Equal Weight. Additionally, the firm lowered its price targets for Apergy (APY) to $32 from $16, for Baker Hughes (BKR) to $25 from $33, for FTS International (FTSI) to 50c from $1.75, for Helmerich & Payne (HP) to $20 from $34, for HollyFrontier (HFC) to $26 from $50, for Liberty Oilfield Services (LBRT) to $7 from $14, for National Oilwell Vargo (NOV) to $13 from $26, for Oceaneering (OII) to $5 from $14, for Oil States (OIS) to $3.50 from $11, for Patterson-UTI (PTEN) to $1.75 from $7, for ProPetro (PUMP) to $10 from $14, for Ranger Energy (RNGR) to $6 from $9, for Schlumberger (SLB) to $25 from $44 and for Transocean (RIG) to $2 from $8.
Tetra Technologies downgraded to Equal Weight from Overweight at Wells Fargo » 06:3603/1303/13/20
Wells Fargo analyst…
Wells Fargo analyst Christopher Voie downgraded Tetra Technologies to Equal Weight from Overweight with a price target of $1, down from $2.25.
B. Riley FBR proclaims end to global E&P offshore recovery, downgrades three » 08:4703/1103/11/20
VAL, FET, TTI
B. Riley FBR analyst…
B. Riley FBR analyst Thomas Curran downgraded Valaris (VAL) and Forum Energy (FET) to Sell from Neutral as well as Tetra Technologies (TTI) to Neutral from Buy. The global offshore exploration and production recovery is over, which means the contracted rig counts should roll into downtrends, and only the most economically promising or nationally crucial projects should advance, Curran tells investors in a research note. With Saudi Arabia and Russia embarking on an oil share battle, consumption set to contract for the first time since 2009, and the ongoing impact of COVID-19, prices have collapsed into new, lower ranges, says the analyst.
Tetra Technologies downgraded to Neutral from Buy at B. Riley FBR » 07:0503/1103/11/20
B. Riley FBR analyst…
B. Riley FBR analyst Thomas Curran downgraded Tetra Technologies to Neutral from Buy with a price target of $1.25, down from $2.25.
Tetra Technologies downgraded to Hold from Buy at Stifel » 05:0503/1003/10/20
Stifel analyst Stephen…
Stifel analyst Stephen Gengaro downgraded Tetra Technologies to Hold from Buy with a price target of $1, down from $2. The analyst cites the "oil price war" initiated over the weekend for the downgrade.
Tetra Technologies downgraded to Underperform from Outperform at Evercore ISI » 06:5003/0903/09/20
Evercore ISI analyst…
Evercore ISI analyst James West downgraded Tetra Technologies to Underperform from Outperform.