Zacks Investment Research upgraded shares of Flotek Industries (NYSE:FTK) from a strong sell rating to a hold rating in a report released on Tuesday morning.

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 $0.22 during midday trading on Tuesday, reaching $5.61. The company’s stock had a trading volume of 1,142,300 shares, compared to its average volume of 1,159,133. Flotek Industries has a 12-month low of $4.14 and a 12-month high of $14.51. The firm has a market cap of $309.70, a price-to-earnings ratio of -280.50 and a beta of 1.69.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Wednesday, November 8th. The oil and gas company reported ($0.03) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.05). Flotek Industries had a negative return on equity of 4.99% and a negative net margin of 4.31%. The business had revenue of $79.46 million for the quarter, compared to analyst estimates of $85.10 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. The company’s revenue was up 23.5% compared to the same quarter last year. sell-side analysts expect that Flotek Industries will post -0.12 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. raised its stake in shares of Flotek Industries by 0.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 235,800 shares of the oil and gas company’s stock worth $2,109,000 after purchasing an additional 1,937 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Flotek Industries by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 28,367 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 100 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Flotek Industries by 5.7% during the 2nd quarter. Rhumbline Advisers now owns 114,191 shares of the oil and gas company’s stock worth $1,021,000 after purchasing an additional 6,141 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Flotek Industries by 9.1% during the 2nd quarter. Legal & General Group Plc now owns 101,869 shares of the oil and gas company’s stock worth $911,000 after purchasing an additional 8,485 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Flotek Industries by 59.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 17,562 shares of the oil and gas company’s stock worth $157,000 after purchasing an additional 6,518 shares in 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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