Flotek Industries Inc. (FTK) Shares Up 4.6%
Flotek Industries Inc. (NYSE:FTK)’s share price shot up 4.6% during mid-day trading on Monday . The company traded as high as $15.38 and last traded at $15.26, with a volume of 1,073,591 shares traded. The stock had previously closed at $14.59.
A number of brokerages recently issued reports on FTK. Zacks Investment Research cut Flotek Industries from a “hold” rating to a “sell” rating in a report on Tuesday, August 2nd. Stephens reiterated a “top pick” rating on shares of Flotek Industries in a report on Friday, July 15th. Finally, Seaport Global Securities upgraded Flotek Industries from a “speculative buy” rating to a “buy” rating in a report on Monday, May 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $12.98.
The company’s market capitalization is $825.89 million. The company’s 50 day moving average price is $13.83 and its 200-day moving average price is $10.32.
Flotek Industries (NYSE:FTK) last posted its earnings results on Tuesday, July 26th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.06. During the same period last year, the firm posted $0.02 earnings per share. The business had revenue of $72.32 million for the quarter, compared to analysts’ expectations of $65 million. Flotek Industries’s quarterly revenue was down 16.9% on a year-over-year basis. On average, equities research analysts anticipate that Flotek Industries Inc. will post ($0.18) earnings per share for the current fiscal year.
Other institutional investors have bought and sold shares of the company. California Public Employees Retirement System boosted its position 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 during the period. 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 in the last quarter. Finally, Argent Capital Management LLC raised 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 valued at $2,044,000 after buying an additional 2,794 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.