Flotek Industries Lowered to “Underperform” at Zacks (FTK)
Flotek Industries (NYSE:FTK) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a note issued to investors on Tuesday, StockRatingsNetwork.com reports. They currently have a $22.90 price objective on the stock. Zacks‘ price objective points to a potential downside of 4.98% from the company’s current price.
Flotek Industries (NYSE:FTK) traded up 2.49% on Tuesday, hitting $24.70. 350,880 shares of the company’s stock traded hands. Flotek Industries has a one year low of $13.18 and a one year high of $24.94. The stock’s 50-day moving average is $20.64 and its 200-day moving average is $20.88. The company has a market cap of $1.282 billion and a P/E ratio of 35.97.
Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Monday, February 10th. The company reported $0.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.02. The company had revenue of $100.80 million for the quarter, compared to the consensus estimate of $100.00 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 31.4% on a year-over-year basis. Analysts expect that Flotek Industries will post $0.99 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on FTK. Analysts at Global Hunter Securities raised their price target on shares of Flotek Industries from $26.00 to $28.00 in a research note on Thursday, February 13th. Separately, analysts at Barrington Research downgraded shares of Flotek Industries from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 12th. Finally, analysts at Iberia Capital downgraded shares of Flotek Industries from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, February 12th. They now have a $25.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Flotek Industries has an average rating of “Hold” and a consensus price target of $24.98.
In other Flotek Industries news, CEO John Chisholm unloaded 50,000 shares of the company’s stock on the open market in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $20.91, for a total value of $1,045,500.00. Following the completion of the transaction, the chief executive officer now directly owns 366,445 shares in the company, valued at approximately $7,662,365. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Flotek Industries, Inc (NYSE:FTK), is a diversified global supplier of drilling and production related products and services.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.