Flotek Industries (FTK) Stock Price Up 6.7%
Flotek Industries Inc (NYSE:FTK) rose 6.7% during trading on Thursday . The stock traded as high as $6.08 and last traded at $5.88. Approximately 1,391,708 shares changed hands during trading, an increase of 19% from the average daily volume of 1,173,101 shares. The stock had previously closed at $5.51.
Separately, Zacks Investment Research lowered Flotek Industries from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 20th.
The company has a market cap of $335.84, a PE ratio of -294.00 and a beta of 1.69.
Flotek Industries (NYSE:FTK) last issued its earnings results on Wednesday, November 8th. The oil and gas company reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.05). Flotek Industries had a negative return on equity of 4.99% and a negative net margin of 4.31%. The company had revenue of $79.46 million during the quarter, compared to analysts’ expectations of $85.10 million. During the same period in the previous year, the company earned ($0.06) EPS. Flotek Industries’s quarterly revenue was up 23.5% on a year-over-year basis. sell-side analysts predict that Flotek Industries Inc will post -0.12 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Piedmont Investment Advisors LLC purchased a new stake in shares of Flotek Industries in the second quarter worth about $105,000. Stevens Capital Management LP purchased a new stake in shares of Flotek Industries in the third quarter worth about $110,000. Engineers Gate Manager LP purchased a new stake in shares of Flotek Industries in the third quarter worth about $133,000. BNP Paribas Arbitrage SA boosted its position in shares of Flotek Industries by 67.7% in the third quarter. BNP Paribas Arbitrage SA now owns 29,451 shares of the oil and gas company’s stock worth $137,000 after buying an additional 11,889 shares during the period. Finally, Miles Capital Inc. purchased a new stake in shares of Flotek Industries in the second quarter worth about $146,000. 84.91% of the stock is owned by institutional investors.
About Flotek Industries
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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