Shares of Flotek Industries Inc. (NYSE:FTK) dropped 3% during trading on Monday . The stock traded as low as $13.59 and last traded at $13.59, with a volume of 374,663 shares traded. The stock had previously closed at $14.01.

FTK has been the topic of several research reports. Seaport Global Securities raised shares of Flotek Industries from a “speculative buy” rating to a “buy” rating in a research report on Monday, May 9th. Zacks Investment Research raised shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, April 4th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $12.98.

The firm’s market capitalization is $749.02 million. The firm has a 50-day moving average of $12.85 and a 200-day moving average of $9.35.

Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, May 3rd. The company reported ($0.08) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.05) by $0.03. During the same quarter in the previous year, the company earned ($0.03) earnings per share. The firm had revenue of $72.20 million for the quarter, compared to analysts’ expectations of $70.50 million. Flotek Industries’s revenue for the quarter was down 12.4% on a year-over-year basis. Analysts expect that Flotek Industries Inc. will post ($0.25) EPS for the current fiscal year.

Several hedge funds have added to or reduced their stakes in FTK. California State Teachers Retirement System increased its stake in Flotek Industries by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 99,138 shares of the company’s stock worth $1,134,000 after buying an additional 1,551 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Flotek Industries by 13.3% in the fourth quarter. California Public Employees Retirement System now owns 240,900 shares of the company’s stock valued at $2,756,000 after buying an additional 28,300 shares during the period. Jennison Associates increased its stake in shares of Flotek Industries by 1.4% in the third quarter. Jennison Associates now owns 2,078,383 shares of the company’s stock valued at $34,709,000 after buying an additional 28,890 shares during the period. Morgan Stanley increased its stake in shares of Flotek Industries by 101.5% in the fourth quarter. Morgan Stanley now owns 161,057 shares of the company’s stock valued at $1,844,000 after buying an additional 81,124 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Flotek Industries by 64.2% in the fourth quarter. Wells Fargo & Company MN now owns 1,280,165 shares of the company’s stock valued at $14,645,000 after buying an additional 500,321 shares during the period.

Flotek Industries, Inc is a technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries. The Company has four business segments: Energy Chemistry Technologies, Consumer and Industrial Chemical Technologies, Drilling Technologies, and Production Technologies.

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