Flotek Industries Inc. (FTK) Trading 3.8% Higher
Flotek Industries Inc. (NYSE:FTK) traded up 3.8% during trading on Monday . The stock traded as high as $15.69 and last traded at $15.49, with a volume of 544,014 shares. The stock had previously closed at $14.92.
Several equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Flotek Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 26th. Seaport Global Securities upgraded shares of Flotek Industries from a “speculative buy” rating to a “buy” rating in a research note on Monday, May 9th. Finally, Stephens reiterated a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th. Two analysts have rated the stock with a sell rating, one has given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Flotek Industries presently has an average rating of “Buy” and a consensus price target of $12.98.
The stock’s 50-day moving average price is $13.50 and its 200-day moving average price is $9.86. The firm’s market capitalization is $833.43 million.
Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, July 26th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.06. 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.02 earnings per share. Analysts anticipate that Flotek Industries Inc. will post ($0.18) EPS for the current fiscal year.
Several large investors have recently made changes to their positions in the stock. 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 worth $2,756,000 after buying an additional 28,300 shares in the last quarter. 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 worth $34,709,000 after buying an additional 28,890 shares in the last quarter. KBC Group NV purchased a new stake in shares of Flotek Industries during the fourth quarter worth approximately $1,072,000. 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 worth $14,645,000 after buying an additional 500,321 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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