Flotek Industries Inc. (FTK) Trading Down 2.9%
Flotek Industries Inc. (NYSE:FTK) shares were down 2.9% during trading on Friday . The company traded as low as $14.12 and last traded at $14.46, with a volume of 1,208,067 shares changing hands. The stock had previously closed at $14.89.
A number of research analysts recently commented on FTK shares. Zacks Investment Research downgraded shares of Flotek Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 26th. Seaport Global Securities raised shares of Flotek Industries from a “speculative buy” rating to a “buy” rating in a report on Monday, May 9th. Finally, Stephens reaffirmed a “top pick” rating on shares of Flotek Industries in a report on Friday, July 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $12.98.
The stock’s market cap is $786.53 million. The firm has a 50 day moving average price of $13.76 and a 200-day moving average price of $10.19.
Flotek Industries (NYSE:FTK) last released its 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 analysts’ expectations of $65 million. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 EPS. On average, equities research analysts predict that Flotek Industries Inc. will post ($0.18) earnings per share for the current fiscal year.
Several hedge funds recently added to or reduced their stakes in FTK. Argent Capital Management LLC boosted its stake in Flotek Industries by 1.6% in the fourth quarter. Argent Capital Management LLC now owns 178,639 shares of the company’s stock worth $2,044,000 after buying an additional 2,794 shares in the last quarter. California Public Employees Retirement System boosted 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 in the last quarter. Finally, Wells Fargo & Company MN boosted 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 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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