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First Albany Ups Tetra Technologies

First Albany raised its investment opinion on Tetra Technologies (TTI) to buy from neutral, citing the company's recent warning of a third quarter shortfall.

Analyst R. Thaddeus Vayda cited the hurricane-related disruption of the company's operations proved far greater than expected, so the company sees third quarter earnings per share missing the 36 cents consensus by a big margin. Over the longer term, however, he notes that while he expects Gulf of Mexico drilling and completion levels to gradually recover during the fourth quarter and into 2006, he thinks the company should benefit materially from increased demand for well abandonment and decommissioning services; also from higher utilization of its assets for hurricane-related refurbishment work. He cut his $1.21 2005 earnings per share estimate to $1.11, but ups his $1.53 2006 estimate to $1.81.

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