Flotek Industries Inc. (FTK) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Flotek Industries Inc. (NYSE:FTK) have earned an average rating of “Buy” from the nine brokerages that are covering the firm. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $10.22.
A number of analysts have commented on the stock. Zacks Investment Research upgraded shares of Flotek Industries from a “strong sell” rating to a “hold” rating in a research note on Monday, June 27th. Stephens reiterated a “top pick” rating on shares of Flotek Industries in a research note on Friday, July 15th.
Shares of Flotek Industries (NYSE:FTK) opened at 13.81 on Wednesday. Flotek Industries has a 1-year low of $4.89 and a 1-year high of $19.90. The company has a 50-day moving average of $14.69 and a 200-day moving average of $12.56. The company’s market cap is $744.48 million.
Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, July 26th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.06. The business earned $72.32 million during the quarter, compared to the consensus estimate of $65 million. Flotek Industries had a negative net margin of 10.29% and a negative return on equity of 2.24%. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.02 earnings per share. Equities analysts forecast that Flotek Industries will post ($0.14) EPS for the current year.
In other news, Director L Melvin Cooper sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $16.01, for a total transaction of $160,100.00. Following the completion of the sale, the director now owns 92,475 shares in the company, valued at approximately $1,480,524.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 5.64% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Fox Run Management L.L.C. bought a new stake in Flotek Industries during the third quarter worth about $326,000. Eagle Asset Management Inc. boosted its stake in Flotek Industries by 41.5% in the third quarter. Eagle Asset Management Inc. now owns 861,089 shares of the company’s stock worth $12,520,000 after buying an additional 252,382 shares in the last quarter. Mason Street Advisors LLC bought a new stake in Flotek Industries during the second quarter worth about $139,000. Schwab Charles Investment Management Inc. boosted its stake in Flotek Industries by 1.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 174,800 shares of the company’s stock worth $2,308,000 after buying an additional 2,922 shares in the last quarter. Finally, GLG Partners LP bought a new stake in Flotek Industries during the second quarter worth about $991,000. Institutional investors own 94.88% of the company’s stock.
Flotek Industries Company Profile
Flotek Industries, Inc is a technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries. The Company has four business segments: Energy Chemistry Technologies, Consumer and Industrial Chemical Technologies, Drilling Technologies, and Production Technologies.
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