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Billionaire Steven Cohen Makes a Big Bet on Tetra Technologies (TTI)

Published on June 29, 2016 at 9:25 am by Insider Monkey Staff in Hedge Funds, News
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Steven Cohen‘s latest move is a big long bet on Tetra Technologies Inc (NYSE:TTI). According to a recent filing with the Securities and Exchange Commission, Cohen’s family office Point72 Asset Management now holds 4.69 million shares of Tetra Technologies, up from just 345,000 shares reported in its latest 13F filing. The fund’s current position amounts to approximately 5.1% of the company’s common stock.

Steve Cohen SAC CAPITAL ADVISORS

Tetra Technologies Inc (NYSE:TTI) stock chart for 2016 resembles a roller coaster, oscillating between $5 and $7.5 levels. The stock ended yesterday’s session at $5.87 per share, down by 22% so far this year. A manufacturer of products for the oil and gas industry, Tetra Technologies had a bleak first quarter as it posted a net loss of $88.3 million and missed expectations. Revenues came in at $169.3 million, down 32% year-over-year, while the loss stood at $0.24 per share when adjusted for one-time costs. On June 21, Tetra Technologies announced the closing of a public offering of 11.5 million shares, estimating net proceedings of $59.9 million. The company said it intends to use the money to reduce its debt load and for general corporate purposes.

In general, Tetra Technologies Inc (NYSE:TTI) is not very popular among the funds followed by Insider Monkey. At the end of March, 15 of the funds in our database reported a long position, down from 18 a quarter before. Dmitry Balyasny‘s fund, Balyasny Asset Management, held the largest stake in the company, roughly 6.2 million shares, up by 2% over the quarter. Israel Englander‘s Millennium Management, on the other hand, dumped more than half of its holding, reducing it to 732,014 shares.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Point7 0 4,690,814 0 4,690,814 4,690,814 5.1%
Point7 0 4,690,814 0 4,690,814 4,690,814 5.1%
Cubist Systematic Strategies 0 30,268 0 30,268 30,268 Less than 0.1%
Steven A. Cohen 0 4,721,082 0 4,721,082 4,721,082 5.1%

Follow Steven A. Cohen's Point72 Asset Management

Page 1 of 9 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
 (Amendment No. )*

TETRA TECHNOLOGIES, INC.

(Name of Issuer)
Common Stock, Par Value $0.01 Per Share

(Title of Class of Securities)

88162F105
(CUSIP Number)
June 27, 2016
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☐
Rule 13d-1(b)
☒
Rule 13d-1(c)
☐
Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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