Tetra Technologies Reports Three Insider Buys
On March 7 Senior Vice President Philip Longorio bought 56,100 shares at $8.92 per share for a total transaction amount of $500,412. Longorio now owns 123,354 shares of TTI. On March 8 CFO and Senior Vice President Elijio Serrano bought 11,000 shares at $9.09 each for a total purchase amounting to $99,990. Serrano now holds on to 112,198 shares of Tetra Technologies. This afternoon Senior Vice President Edwin Goldman added 9,975 shares to his stake. Each share traded for $9.92 for a total cost of $98,952. Goldman now owns 62,516 shares of TTI.
According to the chart displayed above, there is a trend of Tetra Technologies insiders buying more when the cost per share drops.
Tetra Technologies is an oil and gas services company based out of The Woodlands, Texas. The company focuses on completion fluids and associated products and services, production well testing, rig cooling and selected offshore services such as well plugging and diving.
Tetra Technologies reported a consolidated revenue for the quarter ended Dec. 31, 2012, of $231.1 million in comparison to $186.2 million that was reported in the fourth quarter of 2011. Tetra suffered a one-time loss of $44.7 million due to Maritech Engineering abandonment and decommissioning liabilities.
“During the fourth quarter, we continued to aggressively work to reduce the Maritech segment’s abandonment and decommissioning liabilities, spending $28.3 million on such activities,” stated President and CEO Stuart Brightman. “As previously discussed, we have attempted to accelerate these activities, with the objective of completing the remaining work by the end of the third quarter.”
Tetra Technologies is currently owned by four gurus followed by GuruFocus. Zeke Ashton holds 78,200 shares, Jim Simons owns 566,900 shares, Paul Tudor Jones has 38,800 shares and Chuck Royce maintains 68,000 shares.
With shares down 0.72% today, Tetra Technologies trades at $9.64.
For more information on Tetra Technologies’ insider trading look at the TTI Insider Trade History.