Flotek Industries (NYSE:FTK) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Flotek Industries (NYSE:FTK) from a sell rating to a hold rating in a report published on Wednesday, Zacks.com reports.

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 stock opened at $3.21 on Wednesday. The business has a 50-day simple moving average of $3.35. Flotek Industries has a twelve month low of $0.95 and a twelve month high of $4.01. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.44 and a current ratio of 6.62. The company has a market cap of $184.45 million, a P/E ratio of -5.53 and a beta of 3.01.

Flotek Industries (NYSE:FTK) last posted its earnings results on Wednesday, May 8th. The oil and gas company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.08). Flotek Industries had a negative return on equity of 19.79% and a negative net margin of 17.26%. The business had revenue of $43.26 million during the quarter, compared to the consensus estimate of $41.80 million. As a group, sell-side analysts forecast that Flotek Industries will post -0.52 earnings per share for the current year.

In other Flotek Industries news, Director David Nierenberg bought 187,500 shares of Flotek Industries stock in a transaction dated Thursday, June 6th. The shares were purchased at an average cost of $3.44 per share, for a total transaction of $645,000.00. Following the acquisition, the director now directly owns 106,772 shares in the company, valued at approximately $367,295.68. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John Chisholm sold 70,000 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $3.28, for a total transaction of $229,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 420,200 shares of company stock worth $1,423,616. Insiders own 7.26% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Deutsche Bank AG boosted its stake in shares of Flotek Industries by 203.1% during the 4th quarter. Deutsche Bank AG now owns 337,286 shares of the oil and gas company’s stock worth $366,000 after purchasing an additional 226,010 shares during the period. Geode Capital Management LLC boosted its stake in shares of Flotek Industries by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 566,382 shares of the oil and gas company’s stock worth $617,000 after purchasing an additional 25,748 shares during the period. Millennium Management LLC boosted its stake in shares of Flotek Industries by 1,558.1% during the 4th quarter. Millennium Management LLC now owns 1,218,601 shares of the oil and gas company’s stock worth $1,328,000 after purchasing an additional 1,145,106 shares during the period. BNP Paribas Arbitrage SA boosted its stake in shares of Flotek Industries by 291.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 11,583 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 8,627 shares during the period. Finally, Rutabaga Capital Management LLC MA boosted its stake in shares of Flotek Industries by 4.9% during the 1st quarter. Rutabaga Capital Management LLC MA now owns 1,838,585 shares of the oil and gas company’s stock worth $5,957,000 after purchasing an additional 85,963 shares during the period. Hedge funds and other institutional investors own 61.88% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc provides chemistry and services to the oil and gas industries in then United States and internationally. The company designs, develops, manufactures, packs, markets, distributes, and delivers reservoir-centric fluid systems, including specialty and conventional chemistries for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities, as well as use in enhanced and improved oil recovery markets under the Complex nano-Fluid, Pressure reducing Fluids, and MicroSolv brand names.

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