Zacks Investment Research cut shares of Flotek Industries, Inc. (NYSE:FTK) from a hold rating to a strong sell rating in a research note published on Wednesday morning.

According to Zacks, “Flotek manufactures and markets innovative specialty chemicals, downhole drilling and production equipment, and management of automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry. “

FTK has been the subject of several other research reports. ValuEngine lowered Flotek Industries from a hold rating to a sell rating in a research report on Friday, June 2nd. BidaskClub lowered Flotek Industries from a sell rating to a strong sell rating in a research report on Thursday, August 24th. Finally, Seaport Global Securities reissued a buy rating on shares of Flotek Industries in a research report on Thursday, July 20th.

Flotek Industries (NYSE FTK) opened at 5.36 on Wednesday. The stock’s market cap is $307.30 million. Flotek Industries has a 12 month low of $4.56 and a 12 month high of $15.23. The company’s 50 day moving average price is $5.64 and its 200 day moving average price is $9.23.

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A number of hedge funds have recently bought and sold shares of FTK. BlackRock Inc. increased its position in Flotek Industries by 132,538.6% during the 1st quarter. BlackRock Inc. now owns 6,760,587 shares of the oil and gas company’s stock valued at $86,468,000 after buying an additional 6,755,490 shares in the last quarter. JPMorgan Chase & Co. increased its position in Flotek Industries by 3,092.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,058,817 shares of the oil and gas company’s stock valued at $36,286,000 after buying an additional 3,931,665 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in Flotek Industries during the 1st quarter valued at approximately $12,154,000. Laurion Capital Management LP bought a new position in Flotek Industries during the 2nd quarter valued at approximately $5,303,000. Finally, Stifel Financial Corp bought a new position in Flotek Industries during the 1st quarter valued at approximately $7,070,000. 96.74% of the stock is owned by institutional investors.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven company. The Company develops and supplies chemistry and services to the oil and gas industries, and compounds to companies that make cleaning products, cosmetics, food and beverages, and other products that are sold in consumer and industrial markets. The Company operates through two segments: Energy Chemistry Technologies (ECT), and Consumer and Industrial Chemistry Technologies (CICT).

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