Seaport Global Securities Lowers Flotek Industries (FTK) to Neutral
Seaport Global Securities cut shares of Flotek Industries (NYSE:FTK) from a buy rating to a neutral rating in a report published on Wednesday, MarketBeat.com reports.
Several other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Flotek Industries from a strong sell rating to a hold rating in a research note on Monday, July 23rd. ValuEngine lowered shares of Flotek Industries from a hold rating to a sell rating in a research note on Monday, July 2nd.
FTK traded up $0.03 during trading on Wednesday, hitting $2.26. The company had a trading volume of 1,121,991 shares, compared to its average volume of 565,179. The stock has a market capitalization of $123.39 million, a PE ratio of -32.29 and a beta of 1.42. Flotek Industries has a 1-year low of $2.08 and a 1-year high of $6.77.
In other Flotek Industries news, EVP Joshua A. Snively bought 10,216 shares of the stock in a transaction on Wednesday, May 16th. The stock was purchased at an average price of $3.41 per share, for a total transaction of $34,836.56. Following the completion of the purchase, the executive vice president now directly owns 94,975 shares in the company, valued at $323,864.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman John Chisholm bought 33,600 shares of the stock in a transaction on Tuesday, May 15th. The shares were acquired at an average price of $3.41 per share, with a total value of $114,576.00. Following the purchase, the chairman now owns 1,158,226 shares of the company’s stock, valued at $3,949,550.66. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 63,816 shares of company stock valued at $217,013. 4.86% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC bought a new stake in Flotek Industries during the fourth quarter valued at $133,000. Acadian Asset Management LLC bought a new position in shares of Flotek Industries during the second quarter worth about $133,000. Bank of Montreal Can bought a new position in shares of Flotek Industries during the second quarter worth about $187,000. Viking Fund Management LLC bought a new position in shares of Flotek Industries during the second quarter worth about $323,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Flotek Industries during the second quarter worth about $370,000. Hedge funds and other institutional investors own 77.24% of the company’s stock.
Flotek Industries Company Profile
Flotek Industries, Inc develops and supplies chemistry and services to the oil and gas industries in the United States and internationally. It operates through two segments, Energy Chemistry Technologies; and Consumer and Industrial Chemistry Technologies. The Energy Chemistry Technologies segment is involved in the design, development, manufacture, packaging, and marketing of chemistries under the Complex nano-Fluid brand name for use in oil and gas well drilling, cementing, completion, stimulation, and production activities, as well as for use in enhanced and improved oil recovery markets.
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