Flotek Industries Inc. (FTK) Shares Down 3.6%
Shares of Flotek Industries Inc. (NYSE:FTK) traded down 3.6% during mid-day trading on Tuesday . The company traded as low as $13.18 and last traded at $13.20, with a volume of 252,430 shares changing hands. The stock had previously closed at $13.70.
A number of analysts have issued reports on the company. Stephens reaffirmed a “top pick” rating on shares of Flotek Industries in a report on Friday. Zacks Investment Research raised Flotek Industries from a “strong sell” rating to a “hold” rating in a report on Monday, June 27th. Finally, Seaport Global Securities raised Flotek Industries from a “speculative buy” rating to a “buy” rating in a report on Monday, May 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $12.98.
The company’s market cap is $714.84 million. The company’s 50 day moving average is $13.04 and its 200 day moving average is $9.41.
Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, May 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by $0.03. During the same quarter in the previous year, the firm earned ($0.03) EPS. The company earned $72.20 million during the quarter, compared to analyst estimates of $70.50 million. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities research analysts forecast that Flotek Industries Inc. will post ($0.27) earnings per share for the current year.
A number of hedge funds recently added to or reduced their stakes in FTK. Wells Fargo & Company MN raised its stake in 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 last quarter. KBC Group NV acquired a new stake in Flotek Industries during the fourth quarter valued at about $1,072,000. Morgan Stanley raised its stake in 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 in the last quarter. Jennison Associates raised its stake in 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 in the last quarter. Finally, California Public Employees Retirement System raised its stake in 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 in the last quarter.
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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