Flotek Industries Inc. (FTK) Trading Up 3.5%
Shares of Flotek Industries Inc. (NYSE:FTK) were up 3.5% during mid-day trading on Thursday . The company traded as high as $13.65 and last traded at $13.65, with a volume of 778,746 shares traded. The stock had previously closed at $13.19.
A number of analysts recently issued reports on FTK shares. Stephens restated a “top pick” rating on shares of Flotek Industries in a research report on Friday, July 15th. Zacks Investment Research upgraded shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, April 4th. Finally, Seaport Global Securities upgraded shares of Flotek Industries from a “speculative buy” rating to a “buy” rating in a research report on Monday, May 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $12.98.
The company’s market cap is $741.79 million. The firm has a 50-day moving average price of $13.28 and a 200-day moving average price of $9.61.
Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The company had revenue of $72.32 million for the quarter, compared to the consensus estimate of $65 million. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 earnings per share. On average, analysts expect that Flotek Industries Inc. will post ($0.27) EPS for the current year.
Several hedge funds have added to or reduced their stakes in FTK. Jennison Associates increased 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 worth $34,709,000 after buying an additional 28,890 shares during the last quarter. Wells Fargo & Company MN increased 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 worth $14,645,000 after buying an additional 500,321 shares during the last quarter. California Public Employees Retirement System increased 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 worth $2,756,000 after buying an additional 28,300 shares during the last quarter. 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 during the last quarter. Finally, KBC Group NV acquired a new stake in Flotek Industries during the fourth quarter worth approximately $1,072,000.
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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