BidaskClub downgraded shares of Flotek Industries, Inc. (NYSE:FTK) from a sell rating to a strong sell rating in a research report released on Tuesday.

A number of other brokerages have also recently issued reports on FTK. Zacks Investment Research upgraded shares of Flotek Industries from a hold rating to a buy rating and set a $12.00 target price for the company in a research report on Monday, May 8th. Seaport Global Securities restated a buy rating on shares of Flotek Industries in a research report on Thursday, July 20th. Finally, ValuEngine cut shares of Flotek Industries from a hold rating to a sell rating in a research report on Friday, June 2nd.

Shares of Flotek Industries (NYSE:FTK) traded down 0.83% during mid-day trading on Tuesday, reaching $8.40. 398,047 shares of the company traded hands. The stock’s 50-day moving average is $8.82 and its 200-day moving average is $10.71. Flotek Industries has a 52 week low of $7.68 and a 52 week high of $16.93. The company’s market capitalization is $480.93 million.

Flotek Industries (NYSE:FTK) last announced its earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The company had revenue of $80 million during the quarter, compared to analysts’ expectations of $78.85 million. Flotek Industries had a negative net margin of 10.43% and a negative return on equity of 3.38%. The firm’s quarterly revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) earnings per share. On average, equities analysts predict that Flotek Industries will post $0.27 EPS for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Flotek Industries by 132,538.6% in the first quarter. BlackRock Inc. now owns 6,760,587 shares of the oil and gas company’s stock worth $86,468,000 after buying an additional 6,755,490 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Flotek Industries by 7.2% in the first quarter. Vanguard Group Inc. now owns 4,885,959 shares of the oil and gas company’s stock worth $62,491,000 after buying an additional 330,179 shares during the last quarter. GW&K Investment Management LLC boosted its position in shares of Flotek Industries by 0.7% in the first quarter. GW&K Investment Management LLC now owns 1,271,862 shares of the oil and gas company’s stock worth $16,267,000 after buying an additional 9,051 shares during the last quarter. State Street Corp boosted its position in shares of Flotek Industries by 9.4% in the first quarter. State Street Corp now owns 1,254,635 shares of the oil and gas company’s stock worth $16,048,000 after buying an additional 108,072 shares during the last quarter. Finally, Frontier Capital Management Co. LLC acquired a new position in shares of Flotek Industries during the first quarter worth about $12,154,000. Institutional investors own 99.51% of the company’s stock.

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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