Zacks Investment Research upgraded shares of Flotek Industries (NYSE:FTK) from a strong sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Flotek Industries, Inc. develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek’s inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek manufactures and markets innovative specialty chemicals, downhole drilling and production equipment, and management of automated bulk material handling, loading and blending facilities. “
Flotek Industries (NYSE:FTK) traded up $0.37 during mid-day trading on Tuesday, hitting $5.88. 1,391,700 shares of the company’s stock traded hands, compared to its average volume of 1,173,100. The stock has a market capitalization of $334.14, a P/E ratio of -294.00 and a beta of 1.69. Flotek Industries has a 52-week low of $4.14 and a 52-week high of $14.51.
Several hedge funds have recently bought and sold shares of FTK. JPMorgan Chase & Co. raised its stake in shares of Flotek Industries by 3,092.1% during the second quarter. JPMorgan Chase & Co. now owns 4,058,817 shares of the oil and gas company’s stock worth $36,286,000 after acquiring an additional 3,931,665 shares in the last quarter. Laurion Capital Management LP bought a new position in shares of Flotek Industries in the second quarter worth approximately $5,303,000. Boston Partners grew its holdings in shares of Flotek Industries by 141.4% in the third quarter. Boston Partners now owns 916,580 shares of the oil and gas company’s stock worth $4,262,000 after purchasing an additional 536,940 shares during the last quarter. Bamco Inc. NY grew its holdings in shares of Flotek Industries by 21.3% in the second quarter. Bamco Inc. NY now owns 3,060,366 shares of the oil and gas company’s stock worth $27,360,000 after purchasing an additional 536,514 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Flotek Industries by 21.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,358,417 shares of the oil and gas company’s stock worth $6,317,000 after purchasing an additional 243,001 shares during the last quarter. 84.91% of the stock is currently owned by hedge funds and other institutional investors.
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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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