Flotek Industries Inc. (FTK) Shares Down 3.9%
Flotek Industries Inc. (NYSE:FTK)’s share price was down 3.9% during mid-day trading on Monday . The stock traded as low as $13.64 and last traded at $13.65, with a volume of 377,382 shares changing hands. The stock had previously closed at $14.20.
Several equities analysts recently issued reports on FTK shares. Zacks Investment Research upgraded Flotek Industries from a “strong sell” rating to a “hold” rating in a report on Monday, June 27th. Seaport Global Securities upgraded Flotek Industries from a “speculative buy” rating to a “buy” rating in a report on Monday, May 9th. Finally, Stephens restated a “top pick” rating on shares of Flotek Industries in a report on Friday, July 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Flotek Industries presently has an average rating of “Buy” and an average target price of $12.98.
The firm’s market cap is $735.86 million. The company has a 50 day moving average price of $13.34 and a 200-day moving average price of $9.71.
Flotek Industries (NYSE:FTK) last posted 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. During the same period last year, the firm posted $0.02 EPS. The business had revenue of $72.32 million for the quarter, compared to analyst estimates of $65 million. Flotek Industries’s quarterly revenue was down 16.9% on a year-over-year basis. On average, equities research analysts forecast that Flotek Industries Inc. will post ($0.24) EPS for the current year.
Other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its position in shares of 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. California Public Employees Retirement System boosted its position 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 worth $2,756,000 after buying an additional 28,300 shares during the last quarter. Jennison Associates boosted its position 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 worth $34,709,000 after buying an additional 28,890 shares during the last quarter. KBC Group NV purchased a new position in shares of Flotek Industries during the fourth quarter worth about $1,072,000. Finally, Wells Fargo & Company MN boosted its position 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 worth $14,645,000 after buying an additional 500,321 shares during 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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