Flotek Industries (NYSE:FTK) Cut to Sell at Zacks Investment Research
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. “
Separately, ValuEngine lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th.
In related news, Director David Nierenberg purchased 101,250 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were bought at an average price of $3.12 per share, with a total value of $315,900.00. Following the completion of the purchase, the director now directly owns 106,772 shares in the company, valued at approximately $333,128.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John Chisholm sold 70,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $3.28, for a total transaction of $229,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 420,200 shares of company stock worth $1,423,616. 7.26% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the business. Sfmg LLC purchased a new position in Flotek Industries during the second quarter worth approximately $32,000. FNY Investment Advisers LLC purchased a new position in shares of Flotek Industries in the 2nd quarter valued at $33,000. BNP Paribas Arbitrage SA raised its stake in shares of Flotek Industries by 291.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 11,583 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 8,627 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in shares of Flotek Industries in the 2nd quarter valued at $39,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Flotek Industries in the 2nd quarter valued at $42,000. 60.78% of the stock is currently owned by institutional investors.
About Flotek Industries
Flotek Industries, Inc provides chemistry and services to the oil and gas industries in then United States and internationally. The company designs, develops, manufactures, packs, markets, distributes, and delivers reservoir-centric fluid systems, including specialty and conventional chemistries for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities, as well as use in enhanced and improved oil recovery markets under the Complex nano-Fluid, Pressure reducing Fluids, and MicroSolv brand names.
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