Flotek Industries (NYSE:FTK) Downgraded by Zacks Investment Research

Flotek Industries (NYSE:FTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, 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. “

Separately, Noble Financial restated a “buy” rating and set a $2.50 price objective on shares of Flotek Industries in a research note on Wednesday, November 10th.

Shares of NYSE FTK remained flat at $$0.82 during mid-day trading on Thursday. The company had a trading volume of 161,347 shares, compared to its average volume of 370,326. The company has a current ratio of 2.61, a quick ratio of 2.11 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $65.29 million, a PE ratio of -1.64 and a beta of 2.26. Flotek Industries has a 1 year low of $0.80 and a 1 year high of $2.74. The business has a 50-day simple moving average of $1.10 and a 200-day simple moving average of $1.51.

A number of institutional investors have recently added to or reduced their stakes in the business. Nierenberg Investment Management Company Inc. raised its stake in Flotek Industries by 3.3% in the second quarter. Nierenberg Investment Management Company Inc. now owns 4,840,969 shares of the oil and gas company’s stock valued at $8,375,000 after buying an additional 156,337 shares during the last quarter. Disciplined Growth Investors Inc. MN raised its stake in shares of Flotek Industries by 11.6% in the second quarter. Disciplined Growth Investors Inc. MN now owns 1,387,668 shares of the oil and gas company’s stock worth $2,401,000 after purchasing an additional 144,126 shares during the last quarter. BlackRock Inc. raised its stake in shares of Flotek Industries by 2.8% in the second quarter. BlackRock Inc. now owns 1,040,557 shares of the oil and gas company’s stock worth $1,800,000 after purchasing an additional 27,860 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Flotek Industries by 6.9% in the second quarter. Geode Capital Management LLC now owns 531,007 shares of the oil and gas company’s stock worth $918,000 after purchasing an additional 34,322 shares during the last quarter. Finally, Bridgeway Capital Management LLC raised its stake in shares of Flotek Industries by 27.0% in the second quarter. Bridgeway Capital Management LLC now owns 520,500 shares of the oil and gas company’s stock worth $900,000 after purchasing an additional 110,800 shares during the last quarter. Institutional investors own 30.70% of the company’s stock.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven, specialty chemistry and data company that serves customers across industrial, commercial and consumer markets. It operates through the following segments: Chemistry Technologies and Data Analytics. The Chemistry Technologies segment develops, manufactures, packages, distributes delivers, and markets sanitizers and disinfectants for commercial, governmental and personal consumer use and also includes specialty chemistries and logistics which enable customers to improve efficiencies in the drilling and completion of well.

Further Reading: Moving Average – How it Helps Investors in Stock Selection

Get a free copy of the Zacks research report on Flotek Industries (FTK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Flotek Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Flotek Industries and related companies with MarketBeat.com's FREE daily email newsletter.