Flotek Industries Inc. (FTK) Stock Price Up 3.6%
Flotek Industries Inc. (NYSE:FTK) shares rose 3.6% during mid-day trading on Tuesday . The stock traded as high as $15.45 and last traded at $15.28, with a volume of 664,799 shares trading hands. The stock had previously closed at $14.75.
FTK has been the subject of several recent analyst reports. Seaport Global Securities upgraded Flotek Industries from a “speculative buy” rating to a “buy” rating in a research report on Monday, May 9th. Zacks Investment Research upgraded Flotek Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, June 27th. Finally, Stephens restated a “top pick” rating on shares of Flotek Industries in a research report on Friday, July 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $12.98.
The stock’s market capitalization is $810.25 million. The stock’s 50 day moving average price is $14.10 and its 200 day moving average price is $10.61.
Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Tuesday, July 26th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.06. The company had revenue of $72.32 million for the quarter, compared to analyst estimates of $65 million. During the same quarter last year, the company earned $0.02 EPS. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. Equities research analysts expect that Flotek Industries Inc. will post ($0.18) EPS for the current fiscal year.
Several hedge funds and institutional investors recently added to or reduced their stakes in FTK. Schwab Charles Investment Management Inc. increased its position in Flotek Industries by 2.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 168,499 shares of the company’s stock valued at $1,928,000 after buying an additional 4,581 shares during the period. California Public Employees Retirement System increased 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. Finally, Wells Fargo & Company MN increased its position 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 during the period.
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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