Flotek Industries (FTK) Rating Lowered to Hold at ValuEngine

Flotek Industries (NYSE:FTK) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

Several other brokerages have also recently issued reports on FTK. Zacks Investment Research raised shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, July 23rd. Seaport Global Securities cut shares of Flotek Industries from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 8th.

FTK stock opened at $1.76 on Thursday. Flotek Industries has a one year low of $1.61 and a one year high of $6.77.

Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, November 6th. The oil and gas company reported ($0.06) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.05. Flotek Industries had a negative net margin of 33.22% and a negative return on equity of 9.56%. The firm had revenue of $71.00 million during the quarter, compared to analysts’ expectations of $67.45 million. During the same period in the previous year, the company earned ($0.03) EPS. Flotek Industries’s revenue for the quarter was down 10.7% on a year-over-year basis. On average, research analysts expect that Flotek Industries will post -0.65 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rutabaga Capital Management LLC MA purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at $1,067,000. BlackRock Inc. grew its stake in shares of Flotek Industries by 1.8% during the 3rd quarter. BlackRock Inc. now owns 7,767,588 shares of the oil and gas company’s stock valued at $18,644,000 after buying an additional 136,323 shares during the period. Wilks Brothers LLC grew its stake in shares of Flotek Industries by 26.6% during the 3rd quarter. Wilks Brothers LLC now owns 2,706,000 shares of the oil and gas company’s stock valued at $6,494,000 after buying an additional 569,000 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Flotek Industries by 11.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 709,423 shares of the oil and gas company’s stock valued at $1,702,000 after buying an additional 71,044 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Flotek Industries by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 616,450 shares of the oil and gas company’s stock valued at $1,479,000 after buying an additional 27,847 shares during the period. 76.95% of the stock is owned by institutional investors.

About Flotek Industries

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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