Flotek Industries Inc. (FTK) Stock Price Up 3.6%
Flotek Industries Inc. (NYSE:FTK) rose 3.6% during trading on Tuesday . The stock traded as high as $15.45 and last traded at $15.28, with a volume of 664,799 shares traded. The stock had previously closed at $14.75.
A number of research firms have commented on FTK. Zacks Investment Research upgraded shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, June 27th. 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 restated a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $12.98.
The stock’s market cap is $802.71 million. The stock has a 50-day moving average price of $14.17 and a 200 day moving average price of $10.71.
Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, July 26th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.06. The firm earned $72.32 million during the quarter, compared to analysts’ expectations of $65 million. Flotek Industries’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 earnings per share. Equities research analysts predict that Flotek Industries Inc. will post ($0.15) EPS for the current year.
Several hedge funds and institutional investors have recently made changes to their positions in FTK. California Public Employees Retirement System increased 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 valued at $2,756,000 after buying an additional 28,300 shares during the period. 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 worth $14,645,000 after buying an additional 500,321 shares during the period. Finally, 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 worth $1,928,000 after buying an additional 4,581 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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