Flotek Industries (NYSE:FTK) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Flotek Industries (NYSE:FTK) from a sell rating to a hold rating in a research report report published on Wednesday morning, 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. “

NYSE:FTK opened at $3.21 on Wednesday. The company has a current ratio of 6.62, a quick ratio of 5.44 and a debt-to-equity ratio of 0.08. Flotek Industries has a fifty-two week low of $0.95 and a fifty-two week high of $4.01. The firm’s 50-day simple moving average is $3.35. The stock has a market cap of $184.45 million, a PE ratio of -5.53 and a beta of 3.01.

Flotek Industries (NYSE:FTK) last released its earnings results on Wednesday, May 8th. The oil and gas company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.08). Flotek Industries had a negative net margin of 17.26% and a negative return on equity of 19.79%. The business had revenue of $43.26 million for the quarter, compared to analysts’ expectations of $41.80 million. Sell-side analysts forecast that Flotek Industries will post -0.52 EPS for the current year.

In other news, Director David Nierenberg purchased 20,200 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was acquired at an average price of $3.08 per share, with a total value of $62,216.00. Following the purchase, the director now owns 106,772 shares in the company, valued at approximately $328,857.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Chisholm sold 70,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $3.28, for a total value of $229,600.00. The disclosure for this sale can be found here. In the last three months, insiders purchased 420,200 shares of company stock valued at $1,423,616. 7.26% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. grew its stake in shares of Flotek Industries by 30.1% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,099,662 shares of the oil and gas company’s stock valued at $2,289,000 after buying an additional 486,267 shares in the last quarter. Rutabaga Capital Management LLC MA lifted its holdings in Flotek Industries by 4.9% in the 1st quarter. Rutabaga Capital Management LLC MA now owns 1,838,585 shares of the oil and gas company’s stock worth $5,957,000 after purchasing an additional 85,963 shares during the last quarter. Millennium Management LLC lifted its holdings in Flotek Industries by 1,558.1% in the 4th quarter. Millennium Management LLC now owns 1,218,601 shares of the oil and gas company’s stock worth $1,328,000 after purchasing an additional 1,145,106 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Flotek Industries by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 566,382 shares of the oil and gas company’s stock worth $617,000 after purchasing an additional 25,748 shares during the last quarter. Finally, Wilen Investment Management CORP. acquired a new stake in Flotek Industries in the 1st quarter worth approximately $1,500,000. 61.88% of the stock is owned by institutional investors and hedge funds.

About Flotek Industries

Flotek Industries, Inc provides chemistry and services to the oil and gas industries in then United States and internationally. The company designs, develops, manufactures, packs, markets, distributes, and delivers reservoir-centric fluid systems, including specialty and conventional chemistries for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities, as well as use in enhanced and improved oil recovery markets under the Complex nano-Fluid, Pressure reducing Fluids, and MicroSolv brand names.

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