Flotek Industries’ (NYSE:FTK) Buy Rating Reaffirmed at Seaport Global Securities
Flotek Industries, Inc. (NYSE:FTK)‘s stock had its “buy” rating restated by equities research analysts at Seaport Global Securities in a research note issued to investors on Thursday.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research raised Flotek Industries from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Monday, May 8th. ValuEngine cut Flotek Industries from a “hold” rating to a “sell” rating in a report on Friday, June 2nd.
Shares of Flotek Industries (NYSE:FTK) opened at 8.55 on Thursday. The firm has a 50 day moving average price of $9.01 and a 200-day moving average price of $10.77. The firm’s market capitalization is $489.52 million. Flotek Industries has a 52 week low of $7.68 and a 52 week high of $16.93.
Flotek Industries (NYSE:FTK) last released 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 return on equity of 3.38% and a negative net margin of 10.43%. The company had revenue of $80 million during the quarter, compared to analysts’ expectations of $78.85 million. During the same period in the previous year, the firm posted ($0.08) earnings per share. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. Equities research analysts predict that Flotek Industries will post $0.27 EPS for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new position in Flotek Industries during the fourth quarter valued at approximately $1,210,000. Comerica Bank raised its position in Flotek Industries by 11.2% in the fourth quarter. Comerica Bank now owns 57,269 shares of the oil and gas company’s stock valued at $590,000 after buying an additional 5,790 shares during the last quarter. State Street Corp raised its position in Flotek Industries by 10.3% in the fourth quarter. State Street Corp now owns 1,146,563 shares of the oil and gas company’s stock valued at $10,770,000 after buying an additional 107,326 shares during the last quarter. Tudor Investment Corp Et Al raised its position in Flotek Industries by 31.9% in the fourth quarter. Tudor Investment Corp Et Al now owns 24,800 shares of the oil and gas company’s stock valued at $233,000 after buying an additional 6,000 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Flotek Industries by 13.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 29,560 shares of the oil and gas company’s stock valued at $278,000 after buying an additional 3,520 shares during the last quarter. Hedge funds and other institutional investors own 99.50% of the company’s stock.
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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