Energy services co Tetra Technologies tumbles on $100 mln share sale
03/06/2026 12:57
BUZZ-Energy services co Tetra Technologies tumbles on $100 mln share sale ** Shares of energy services co Tetra Technologies TTI.N down 15.6% before the bell to $9.19, a one-month low, after $100 mln follow-on priced
** Spring, Texas-headquartered co late Tues sold ~10.8 mln shares at $9.25, a 15.1% discount to last sale
** It intends to use net offering proceeds for general purposes, including funding a portion of its Arkansas bromine project's construction costs
** JP Morgan lead bookrunner, along with Jefferies
** TTI has ~135.4 mln shares outstanding
** Through Tues, stock up 16% YTD
** 4 of 5 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $11.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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Energy services co Tetra Technologies tumbles on $100 mln share sale