Flotek Industries (FTK) Stock Price Down 6.6%

Flotek Industries Inc (NYSE:FTK)’s share price dropped 6.6% on Monday . The stock traded as low as $2.35 and last traded at $2.40. Approximately 962,800 shares changed hands during trading, a decline of 7% from the average daily volume of 1,032,141 shares. The stock had previously closed at $2.57.

FTK has been the subject of several research reports. ValuEngine upgraded shares of Flotek Industries from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Zacks Investment Research upgraded shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, July 23rd. Finally, Seaport Global Securities lowered shares of Flotek Industries from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 8th.

The stock has a market cap of $136.70 million, a price-to-earnings ratio of -34.29 and a beta of 1.39.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Tuesday, August 7th. The oil and gas company reported ($0.34) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.27). The company had revenue of $59.09 million for the quarter, compared to the consensus estimate of $63.50 million. Flotek Industries had a negative net margin of 31.87% and a negative return on equity of 7.96%. analysts anticipate that Flotek Industries Inc will post -0.65 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. B. Riley Financial Inc. bought a new position in Flotek Industries during the second quarter valued at about $113,000. Acadian Asset Management LLC bought a new position in Flotek Industries during the second quarter worth about $133,000. Bank of Montreal Can bought a new position in Flotek Industries during the second quarter worth about $187,000. Viking Fund Management LLC bought a new position in Flotek Industries during the second quarter worth about $323,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Flotek Industries during the second quarter worth about $370,000. Institutional investors own 76.03% of the company’s stock.

Flotek Industries Company Profile (NYSE:FTK)

Flotek Industries, Inc develops and supplies chemistry and services to the oil and gas industries in the United States and internationally. It operates through two segments, Energy Chemistry Technologies; and Consumer and Industrial Chemistry Technologies. The Energy Chemistry Technologies segment is involved in the design, development, manufacture, packaging, and marketing of chemistries under the Complex nano-Fluid brand name for use in oil and gas well drilling, cementing, completion, stimulation, and production activities, as well as for use in enhanced and improved oil recovery markets.

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