HC Wainwright reiterated their buy rating on shares of Fuel Tech (NASDAQ:FTEK) in a research note released on Thursday, AnalystRatings.com reports. HC Wainwright currently has a $1.75 target price on the industrial products company’s stock.
“We are lowering our price target on FTEK to $1.75 from $2.00 previously, driven primarily by weaker-than-expected performance in the company’s Air Pollution Control (APC) business that has impacted overall performance so far in 2019 and is expected to weigh on revenue growth prospects over the next 12 -18 months. Management attributed the softness in APC revenues to delays and cancelations in securing contracts as well as loss of bids to competitors in a few cases. In line with this, the company’s backlog at the end of 2Q19 dropped to $8.0M compared to $12.2M at the end of 1Q19. Though management is anticipating new contract bookings to materialize in 2H19, we believe those will be largely recognized in 2020.”,” HC Wainwright’s analyst commented.
Other equities analysts also recently issued reports about the stock. ValuEngine downgraded shares of Fuel Tech from a buy rating to a hold rating in a report on Monday, July 29th. TheStreet downgraded shares of Fuel Tech from a c- rating to a d+ rating in a report on Thursday, July 25th. Finally, Zacks Investment Research downgraded shares of Fuel Tech from a buy rating to a hold rating in a report on Friday, May 17th.
Fuel Tech (NASDAQ:FTEK) last announced its quarterly earnings results on Tuesday, August 13th. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.02). Fuel Tech had a negative net margin of 0.57% and a positive return on equity of 4.35%. The firm had revenue of $9.79 million during the quarter, compared to the consensus estimate of $12.11 million. As a group, research analysts expect that Fuel Tech will post -0.12 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in FTEK. Grace & White Inc. NY lifted its position in shares of Fuel Tech by 4.1% in the 1st quarter. Grace & White Inc. NY now owns 1,486,799 shares of the industrial products company’s stock valued at $2,483,000 after acquiring an additional 59,142 shares in the last quarter. US Bancorp DE lifted its position in shares of Fuel Tech by 13.3% in the 1st quarter. US Bancorp DE now owns 243,476 shares of the industrial products company’s stock valued at $407,000 after acquiring an additional 28,616 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Fuel Tech by 1,347.4% in the 2nd quarter. Acadian Asset Management LLC now owns 155,583 shares of the industrial products company’s stock valued at $218,000 after acquiring an additional 144,834 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Fuel Tech by 12.7% in the 2nd quarter. Renaissance Technologies LLC now owns 1,101,138 shares of the industrial products company’s stock valued at $1,542,000 after acquiring an additional 123,892 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Fuel Tech by 9.3% in the 2nd quarter. BlackRock Inc. now owns 556,817 shares of the industrial products company’s stock valued at $780,000 after acquiring an additional 47,552 shares in the last quarter. 24.23% of the stock is owned by hedge funds and other institutional investors.
About Fuel Tech
Fuel Tech, Inc provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through Air Pollution Control Technology and FUEL CHEM Technology segments. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by low and ultra-low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; advanced selective catalytic reduction systems; NOxOUT CASCADE and NOxOUT-SCR processes; ULTRA technology; ammonia injection grid and graduated straightening grid systems; and flue gas conditioning systems.
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