Flotek Industries (NYSE:FTK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Saturday.
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. “
Shares of Flotek Industries (NYSE FTK) traded up $0.03 on Friday, reaching $5.64. 676,591 shares of the company traded hands, compared to its average volume of 928,817. The company has a market capitalization of $318.79, a price-to-earnings ratio of -10.07 and a beta of 1.70. Flotek Industries has a 52-week low of $4.14 and a 52-week high of $14.51.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Flotek Industries by 2.8% during the second quarter. Vanguard Group Inc. now owns 5,020,985 shares of the oil and gas company’s stock valued at $44,888,000 after acquiring an additional 135,026 shares in the last quarter. Bamco Inc. NY raised its position in Flotek Industries by 21.3% during the second quarter. Bamco Inc. NY now owns 3,060,366 shares of the oil and gas company’s stock valued at $27,360,000 after acquiring an additional 536,514 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Flotek Industries by 21.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,358,417 shares of the oil and gas company’s stock valued at $6,317,000 after acquiring an additional 243,001 shares in the last quarter. State Street Corp raised its position in Flotek Industries by 3.5% during the second quarter. State Street Corp now owns 1,299,110 shares of the oil and gas company’s stock valued at $11,615,000 after acquiring an additional 44,475 shares in the last quarter. Finally, Boston Partners raised its position in Flotek Industries by 141.4% during the third quarter. Boston Partners now owns 916,580 shares of the oil and gas company’s stock valued at $4,262,000 after acquiring an additional 536,940 shares in the last quarter. 84.91% of the stock is currently owned by hedge funds and other institutional investors.
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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