Shares of Flotek Industries Inc (NYSE:FTK) rose 6.8% during mid-day trading on Wednesday . The company traded as high as $5.54 and last traded at $5.09. Approximately 682,051 shares traded hands during trading, a decline of 40% from the average daily volume of 1,137,268 shares. The stock had previously closed at $5.46.

Separately, Zacks Investment Research upgraded Flotek Industries from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th.

The company has a market cap of $287.54, a PE ratio of -8.57 and a beta of 1.77.

Flotek Industries (NYSE:FTK) last released its earnings results on Wednesday, November 8th. The oil and gas company reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.05). Flotek Industries had a negative net margin of 10.41% and a negative return on equity of 1.64%. The company had revenue of $79.46 million for the quarter, compared to analysts’ expectations of $85.10 million. During the same quarter last year, the firm posted ($0.06) earnings per share. Flotek Industries’s revenue for the quarter was up 23.5% on a year-over-year basis. sell-side analysts expect that Flotek Industries Inc will post -0.1 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Arizona State Retirement System lifted its position in shares of Flotek Industries by 220.8% during the 4th quarter. Arizona State Retirement System now owns 95,507 shares of the oil and gas company’s stock valued at $445,000 after buying an additional 65,740 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Flotek Industries during the 4th quarter valued at $225,000. Engineers Gate Manager LP purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at $133,000. Stifel Financial Corp lifted its holdings in shares of Flotek Industries by 5.9% during the 3rd quarter. Stifel Financial Corp now owns 667,402 shares of the oil and gas company’s stock valued at $3,054,000 after purchasing an additional 37,038 shares during the last quarter. Finally, KBC Group NV purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at $294,000. Institutional investors own 84.18% of the company’s stock.

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About Flotek Industries

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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