Flotek Industries Inc. (FTK) Scheduled to Post Quarterly Earnings on Wednesday
Flotek Industries Inc. (NYSE:FTK) is set to issue its quarterly earnings data after the market closes on Wednesday, October 19th. Analysts expect the company to announce earnings of ($0.02) per share for the quarter.
Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Tuesday, July 26th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.06. The firm earned $72.32 million during the quarter, compared to analysts’ expectations of $65 million. Flotek Industries had a negative return on equity of 2.24% and a negative net margin of 10.29%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 EPS. On average, analysts expect Flotek Industries to post $-0.15 EPS for the current fiscal year and $0.41 EPS for the next fiscal year.
Flotek Industries Inc. (NYSE:FTK) opened at 13.84 on Tuesday. Flotek Industries Inc. has a 12 month low of $4.89 and a 12 month high of $19.90. The firm’s market capitalization is $746.10 million. The company’s 50-day moving average price is $14.65 and its 200 day moving average price is $12.68.
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Several equities research analysts have issued reports on the company. Zacks Investment Research cut Flotek Industries from a “hold” rating to a “sell” rating in a research note on Tuesday, August 2nd. Stephens reissued a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Flotek Industries currently has a consensus rating of “Buy” and a consensus target price of $10.81.
In related news, Director L Melvin Cooper sold 10,000 shares of Flotek Industries stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $16.01, for a total value of $160,100.00. Following the completion of the transaction, the director now directly owns 92,475 shares in the company, valued at $1,480,524.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.64% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTK. Arizona State Retirement System raised its position in Flotek Industries by 1.8% in the second quarter. Arizona State Retirement System now owns 27,967 shares of the company’s stock worth $369,000 after buying an additional 500 shares during the period. Wellington Shields Capital Management LLC bought a new position in Flotek Industries during the second quarter worth about $319,000. Parametric Portfolio Associates LLC raised its position in Flotek Industries by 48.7% in the second quarter. Parametric Portfolio Associates LLC now owns 206,293 shares of the company’s stock worth $2,723,000 after buying an additional 67,546 shares during the period. Waddell & Reed Financial Inc. raised its position in Flotek Industries by 99.5% in the second quarter. Waddell & Reed Financial Inc. now owns 3,364,346 shares of the company’s stock worth $44,409,000 after buying an additional 1,677,600 shares during the period. Finally, Riverhead Capital Management LLC raised its position in Flotek Industries by 7.0% in the second quarter. Riverhead Capital Management LLC now owns 13,464 shares of the company’s stock worth $252,000 after buying an additional 886 shares during the period. Hedge funds and other institutional investors own 94.88% of the company’s stock.
Flotek Industries Company Profile
Flotek Industries, Inc is a technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries. The Company has four business segments: Energy Chemistry Technologies, Consumer and Industrial Chemical Technologies, Drilling Technologies, and Production Technologies.
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