Flotek Industries (FTK) Trading Up 5.6%

Shares of Flotek Industries Inc (NYSE:FTK) were up 5.6% during trading on Thursday . The company traded as high as $6.23 and last traded at $6.06. Approximately 1,733,820 shares were traded during trading, an increase of 48% from the average daily volume of 1,169,356 shares. The stock had previously closed at $5.74.

Separately, Zacks Investment Research upgraded Flotek Industries from a “hold” rating to a “buy” rating and set a $6.25 price objective for the company in a report on Wednesday.

The firm has a market capitalization of $317.66, a price-to-earnings ratio of -12.89 and a beta of 1.77.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, February 20th. The oil and gas company reported $0.00 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.03. The business had revenue of $72.50 million during the quarter, compared to the consensus estimate of $72.85 million. Flotek Industries had a negative return on equity of 0.21% and a negative net margin of 8.64%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 EPS. equities analysts expect that Flotek Industries Inc will post 0.31 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in FTK. Piedmont Investment Advisors LLC acquired a new stake in shares of Flotek Industries during the 2nd quarter worth $105,000. Stevens Capital Management LP acquired a new stake in shares of Flotek Industries during the 3rd quarter worth $110,000. Engineers Gate Manager LP acquired a new stake in shares of Flotek Industries during the 3rd quarter worth $133,000. MetLife Investment Advisors LLC acquired a new stake in shares of Flotek Industries during the 4th quarter worth $133,000. Finally, BNP Paribas Arbitrage SA increased its holdings in shares of Flotek Industries by 67.7% during the 3rd 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 last quarter. Institutional investors and hedge funds own 89.07% 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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