Flotek Industries Inc. (FTK) Trading Up 3.5%
Flotek Industries Inc. (NYSE:FTK)’s share price was up 3.5% on Thursday . The stock traded as high as $13.65 and last traded at $13.65, with a volume of 778,746 shares trading hands. The stock had previously closed at $13.19.
Several equities analysts recently weighed in on FTK shares. Zacks Investment Research raised Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, June 27th. Seaport Global Securities upgraded Flotek Industries from a “speculative buy” rating to a “buy” rating in a report on Monday, May 9th. Finally, Stephens reiterated a “top pick” rating on shares of Flotek Industries in a report on Friday, July 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $12.98.
The stock has a 50 day moving average of $13.31 and a 200-day moving average of $9.65. The firm’s market cap is $765.51 million.
Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Tuesday, July 26th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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. During the same quarter in the prior year, the firm posted $0.02 earnings per share. The business’s quarterly revenue was down 16.9% on a year-over-year basis. On average, equities analysts expect that Flotek Industries Inc. will post ($0.24) EPS for the current fiscal year.
Other institutional investors have modified their holdings of the company. Jennison Associates increased its position 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 valued at $34,709,000 after buying an additional 28,890 shares in the last quarter. Wells Fargo & Company MN increased its position 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 valued at $14,645,000 after buying an additional 500,321 shares in the last quarter. 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 in the last quarter. California State Teachers Retirement System increased its position in shares of Flotek Industries by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 99,138 shares of the company’s stock valued at $1,134,000 after buying an additional 1,551 shares in the last quarter. Finally, KBC Group NV acquired a new position in shares of Flotek Industries during the fourth quarter valued at about $1,072,000.
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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