Flotek Industries Sees Unusually Large Options Volume (NYSE:FTK)

Flotek Industries Inc (NYSE:FTK) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 4,131 call options on the company. This is an increase of 1,744% compared to the average daily volume of 224 call options.

Separately, Zacks Investment Research raised shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Tuesday.

Shares of Flotek Industries (NYSE FTK) opened at $5.93 on Friday. Flotek Industries has a 52-week low of $4.14 and a 52-week high of $14.51.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Wednesday, November 8th. The oil and gas company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.05). Flotek Industries had a negative return on equity of 1.64% and a negative net margin of 10.41%. The company had revenue of $79.46 million for the quarter, compared to the consensus estimate of $85.10 million. During the same quarter last year, the firm posted ($0.06) earnings per share. The firm’s quarterly revenue was up 23.5% compared to the same quarter last year. sell-side analysts predict that Flotek Industries will post -0.12 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTK. Aperio Group LLC raised its holdings in shares of Flotek Industries by 16.0% in the 2nd quarter. Aperio Group LLC now owns 19,651 shares of the oil and gas company’s stock worth $176,000 after purchasing an additional 2,716 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Flotek Industries by 17.1% during the second quarter. Russell Investments Group Ltd. now owns 145,346 shares of the oil and gas company’s stock valued at $1,299,000 after acquiring an additional 21,248 shares during the period. Municipal Employees Retirement System of Michigan raised its holdings in shares of Flotek Industries by 5.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 12,790 shares of the oil and gas company’s stock valued at $114,000 after acquiring an additional 700 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of Flotek Industries by 6.1% during the second quarter. Great West Life Assurance Co. Can now owns 79,435 shares of the oil and gas company’s stock valued at $709,000 after acquiring an additional 4,600 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Flotek Industries by 0.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 235,800 shares of the oil and gas company’s stock valued at $2,109,000 after acquiring an additional 1,937 shares during the period. Institutional investors and hedge funds own 84.91% of the company’s stock.

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Flotek Industries Company Profile

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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