Flotek Industries Inc (FTK) Rating Increased to Buy at Zacks Investment Research
Flotek Industries Inc (NYSE:FTK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage currently has a $12.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.42% from the stock’s current price.
According to Zacks, “Flotek manufactures and markets innovative specialty chemicals, downhole drilling and production equipment, and management of automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry. “
Flotek Industries (NYSE:FTK) traded up 0.95% on Monday, hitting $10.58. 1,392,380 shares of the stock were exchanged. The company’s market capitalization is $605.75 million. The company has a 50-day moving average price of $11.95 and a 200 day moving average price of $11.64. Flotek Industries has a 1-year low of $8.87 and a 1-year high of $16.93.
Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. Flotek Industries had a negative net margin of 17.01% and a negative return on equity of 4.80%. The company had revenue of $80 million during the quarter, compared to the consensus estimate of $78.85 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. The firm’s quarterly revenue was up 25.4% on a year-over-year basis. Analysts anticipate that Flotek Industries will post $0.25 EPS for the current fiscal year.
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In other news, Director John Reiland sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $12.73, for a total transaction of $190,950.00. Following the completion of the sale, the director now owns 39,195 shares of the company’s stock, valued at approximately $498,952.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.64% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Municipal Employees Retirement System of Michigan increased its position in shares of Flotek Industries by 1.6% in the third quarter. Municipal Employees Retirement System of Michigan now owns 11,950 shares of the oil and gas company’s stock valued at $174,000 after buying an additional 190 shares during the last quarter. Creative Planning increased its position in shares of Flotek Industries by 0.3% in the first quarter. Creative Planning now owns 120,778 shares of the oil and gas company’s stock valued at $1,545,000 after buying an additional 400 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Flotek Industries by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 22,100 shares of the oil and gas company’s stock valued at $283,000 after buying an additional 400 shares during the last quarter. RNC Capital Management LLC increased its position in shares of Flotek Industries by 10.0% in the first quarter. RNC Capital Management LLC now owns 11,035 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 1,000 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in shares of Flotek Industries by 12.3% in the first quarter. BNP Paribas Arbitrage SA now owns 11,044 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 1,209 shares during the last quarter. 99.62% of the stock is owned by institutional investors and hedge funds.
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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