Flotek Industries (FTK) Lifted to Hold at Zacks Investment Research
Flotek Industries (NYSE:FTK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Flotek Industries, Inc. develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek’s inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek manufactures and markets innovative specialty chemicals, downhole drilling and production equipment, and management of automated bulk material handling, loading and blending facilities. “
Flotek Industries (NYSE:FTK) traded up $0.22 during trading hours on Tuesday, hitting $5.61. 1,142,318 shares of the stock were exchanged, compared to its average volume of 1,159,133. Flotek Industries has a 1 year low of $4.14 and a 1 year high of $14.51. The stock has a market capitalization of $300.04, a PE ratio of -10.02 and a beta of 1.70.
Several large investors have recently bought and sold shares of FTK. JPMorgan Chase & Co. grew its holdings in shares of Flotek Industries by 3,092.1% during the second quarter. JPMorgan Chase & Co. now owns 4,058,817 shares of the oil and gas company’s stock valued at $36,286,000 after buying an additional 3,931,665 shares during the last quarter. Laurion Capital Management LP purchased a new stake in Flotek Industries in the second quarter worth approximately $5,303,000. Boston Partners boosted its holdings in Flotek Industries by 141.4% in the third quarter. Boston Partners now owns 916,580 shares of the oil and gas company’s stock worth $4,262,000 after purchasing an additional 536,940 shares during the last quarter. Bamco Inc. NY boosted its holdings in Flotek Industries by 21.3% in the second quarter. Bamco Inc. NY now owns 3,060,366 shares of the oil and gas company’s stock worth $27,360,000 after purchasing an additional 536,514 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Flotek Industries by 21.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,358,417 shares of the oil and gas company’s stock worth $6,317,000 after purchasing an additional 243,001 shares during the last quarter. Hedge funds and other institutional investors own 84.91% of the company’s stock.
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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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