Flotek Industries Inc (NYSE:FTK) was down 5.3% during mid-day trading on Tuesday . The stock traded as low as $6.08 and last traded at $6.13. Approximately 1,030,287 shares were traded during trading, a decline of 7% from the average daily volume of 1,110,200 shares. The stock had previously closed at $6.47.
Several equities research analysts have recently issued reports on FTK shares. Zacks Investment Research raised shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 9th. ValuEngine cut shares of Flotek Industries from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st.
The firm has a market cap of $365.50, a PE ratio of -13.04 and a beta of 1.59.
Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, February 20th. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. Flotek Industries had a negative net margin of 8.64% and a negative return on equity of 0.21%. The business had revenue of $72.50 million during the quarter, compared to analysts’ expectations of $72.85 million. During the same period in the previous year, the company earned $0.07 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. analysts forecast that Flotek Industries Inc will post 0.32 EPS for the current fiscal year.
A number of large investors have recently made changes to their positions in FTK. Voya Investment Management LLC raised its stake in Flotek Industries by 12.6% during the 2nd quarter. Voya Investment Management LLC now owns 26,828 shares of the oil and gas company’s stock worth $240,000 after acquiring an additional 3,007 shares in the last quarter. State Street Corp raised its stake in Flotek Industries by 3.5% during the 2nd quarter. State Street Corp now owns 1,299,110 shares of the oil and gas company’s stock worth $11,615,000 after acquiring an additional 44,475 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Flotek Industries by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 43,450 shares of the oil and gas company’s stock worth $388,000 after acquiring an additional 744 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Flotek Industries during the 3rd quarter worth $110,000. Finally, Boston Partners raised its stake in Flotek Industries by 141.4% during the 3rd quarter. Boston Partners now owns 916,580 shares of the oil and gas company’s stock worth $4,262,000 after acquiring an additional 536,940 shares in the last quarter. Hedge funds and other institutional investors own 77.54% of the company’s stock.
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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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