6. Tetra Tech, Inc. (NASDAQ:TTEK)
Number of Hedge Fund Holders: 37
Cramer talked about the company and stated:
“Tetra Tech is remarkable and even at 38 times earnings, I gotta tell you, I see people still buying. It doesn’t seem to slow them down. I would take a breather, but it’s been a great one.”
Tetra Tech, Inc. (NASDAQ:TTEK) is a consulting and engineering company that provides a wide range of services across the globe. It is focused on data collection, analysis, and information management. Additionally, the company offers project management and operations maintenance.
The company offers services and solutions related to climate change adaptation, energy management, and greenhouse gas assessment and reduction. It is actively involved in environmental remediation, reconstruction services, and industrial water treatment, positioning itself as a key player in addressing a variety of environmental challenges.
Over the past year, the stock is up by over 56%. Cramer went on to say, “… That is infrastructure and it’s just kicking butt. A lot of people wish they had that stock.”
Recently, Tetra Tech (NASDAQ:TTEK) announced that Northern Ireland Water selected the company, including its RPS operations, for a framework contract valued at up to £800 million. The 8-year agreement will aid in the sustainable development of essential water and wastewater infrastructure projects across Northern Ireland. The company’s engineers and scientists will play a vital role in managing programs aimed at enhancing climate resilience and improving service delivery for customers of NI Water.
Further emphasizing its capabilities, the company also secured a $249 million contract from the U.S. Army Corps of Engineers (USACE) for environmental assessment and design services at various facilities throughout the United States.
It is a 7-year contract that allows the company’s experts to engage in a wide range of environmental services, including the formulation of water resource management plans, ecosystem assessment and protection, and the design of sustainable building elements that optimize water and energy efficiency.
Additionally, Tetra Tech (NASDAQ:TTEK) showed its diverse capabilities when it was awarded a $39.3 million contract by the U.S. Agency for International Development (USAID). The single-award contract focuses on increasing gender equality and enhancing women’s economic empowerment in sectors such as water, power, infrastructure, transportation, and information and communications technology on a global scale.
TimesSquare Capital Management stated the following regarding Tetra Tech, Inc. (NASDAQ:TTEK) in its Q2 2024 investor letter:
“Many of our Industrial positions provide necessary business-to-business operational services, highly technical components, automation & efficiency improvements, or essential infrastructure services. Tetra Tech, Inc. (NASDAQ:TTEK) provides consulting and engineering services. Its stock price rose 11% after they reported fiscal second quarter revenues that surpassed Street estimates and increased forward guidance. A key development in the quarter was an FDA ruling imposing a very strict contamination limit on polyfluoroalkyl (PFAS) chemicals in drinking water. We believe PFAS analysis, monitoring and remediation can be an important business driver for Tetra Tech for several years.”
