Flotek Industries, Inc. (FTK) Shares Up 5.5%

Flotek Industries, Inc. (NYSE:FTK)’s share price rose 5.5% on Monday . The company traded as high as $4.86 and last traded at $4.82. Approximately 1,151,300 shares changed hands during mid-day trading, an increase of 15% from the average daily volume of 1,005,272 shares. The stock had previously closed at $4.57.

FTK has been the subject of a number of research analyst reports. Seaport Global Securities reaffirmed a “buy” rating on shares of Flotek Industries in a research note on Thursday, July 20th. Zacks Investment Research upgraded shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, September 4th. Finally, BidaskClub raised shares of Flotek Industries from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 8th.

Flotek Industries (NYSE:FTK) last posted its earnings results on Wednesday, November 8th. The oil and gas company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). The business had revenue of $79.46 million during the quarter, compared to analysts’ expectations of $85.10 million. Flotek Industries had a negative net margin of 10.41% and a negative return on equity of 1.64%. The company’s revenue for the quarter was up 23.5% compared to the same quarter last year. During the same period last year, the business posted ($0.06) earnings per share. sell-side analysts predict that Flotek Industries, Inc. will post -0.12 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in FTK. KCG Holdings Inc. purchased a new position in shares of Flotek Industries during the 1st quarter worth $137,000. Piedmont Investment Advisors LLC purchased a new stake in Flotek Industries during the second quarter worth $105,000. Municipal Employees Retirement System of Michigan raised its holdings in shares of Flotek Industries by 5.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 12,790 shares of the oil and gas company’s stock worth $114,000 after acquiring an additional 700 shares during the last quarter. Miles Capital Inc. purchased a new stake in Flotek Industries during the second quarter valued at about $146,000. Finally, BlueCrest Capital Management Ltd purchased a new stake in Flotek Industries during the second quarter valued at about $147,000. 96.97% of the stock is owned by institutional investors and hedge funds.

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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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