Flotek Industries (FTK) Stock Rating Lowered by ValuEngine

ValuEngine lowered shares of Flotek Industries (NYSE:FTK) from a buy rating to a hold rating in a research report report published on Thursday morning.

Several other research analysts also recently commented on the stock. Zacks Investment Research raised shares of Flotek Industries from a strong sell rating to a hold rating in a research note on Monday, July 23rd. Seaport Global Securities downgraded shares of Flotek Industries from a buy rating to a neutral rating in a research note on Wednesday, August 8th.

FTK stock traded down $0.06 during trading on Thursday, hitting $1.76. The company had a trading volume of 2,440,000 shares, compared to its average volume of 1,000,386. The company has a market capitalization of $106.51 million, a PE ratio of -25.14 and a beta of 1.58. Flotek Industries has a 52-week low of $1.61 and a 52-week high of $6.77.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Tuesday, November 6th. The oil and gas company reported ($0.06) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.05. The company had revenue of $71.00 million for the quarter, compared to the consensus estimate of $67.45 million. Flotek Industries had a negative net margin of 33.22% and a negative return on equity of 9.07%. The firm’s revenue was down 10.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.03) EPS. As a group, analysts predict that Flotek Industries will post -0.65 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of FTK. B. Riley Financial Inc. purchased a new position in Flotek Industries in the 2nd quarter worth about $113,000. Acadian Asset Management LLC purchased a new position in Flotek Industries in the 2nd quarter worth about $133,000. Bank of Montreal Can bought a new position in Flotek Industries during the 2nd quarter worth about $187,000. Viking Fund Management LLC bought a new position in Flotek Industries during the 2nd quarter worth about $323,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Flotek Industries during the 2nd quarter worth about $370,000. 76.95% of the stock is currently owned by institutional investors.

Flotek Industries Company Profile

Flotek Industries, Inc develops and supplies chemistry and services to the oil and gas industries in the United States and internationally. It operates through two segments, Energy Chemistry Technologies; and Consumer and Industrial Chemistry Technologies. The Energy Chemistry Technologies segment is involved in the design, development, manufacture, packaging, and marketing of chemistries under the Complex nano-Fluid brand name for use in oil and gas well drilling, cementing, completion, stimulation, and production activities, as well as for use in enhanced and improved oil recovery markets.

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