Fuel Tech (NASDAQ:FTEK) Announces Quarterly Earnings Results

Fuel Tech (NASDAQ:FTEK) posted its earnings results on Tuesday. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02), FiscalAI reports. Fuel Tech had a negative return on equity of 8.74% and a negative net margin of 12.75%.The business had revenue of $6.49 million for the quarter, compared to analysts’ expectations of $6.58 million.

Fuel Tech Trading Down 2.4%

Shares of Fuel Tech stock traded down $0.04 during midday trading on Thursday, reaching $1.42. The company had a trading volume of 49,396 shares, compared to its average volume of 249,727. The company has a market capitalization of $44.11 million, a price-to-earnings ratio of -12.86 and a beta of 1.29. The stock has a fifty day simple moving average of $1.60 and a 200 day simple moving average of $1.45. Fuel Tech has a 1-year low of $1.17 and a 1-year high of $3.65.

Hedge Funds Weigh In On Fuel Tech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its holdings in Fuel Tech by 27.7% in the 4th quarter. Renaissance Technologies LLC now owns 1,147,995 shares of the industrial products company’s stock valued at $1,791,000 after buying an additional 249,089 shares during the last quarter. Beartown Capital Management LLC bought a new stake in Fuel Tech in the 4th quarter valued at about $250,000. XTX Topco Ltd lifted its stake in shares of Fuel Tech by 218.3% during the 4th quarter. XTX Topco Ltd now owns 178,303 shares of the industrial products company’s stock valued at $278,000 after buying an additional 122,291 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Fuel Tech during the fourth quarter worth $126,000. Finally, Vanguard Group Inc. grew its holdings in Fuel Tech by 7.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,013,864 shares of the industrial products company’s stock valued at $3,042,000 after buying an additional 72,895 shares in the last quarter. 20.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Weiss Ratings raised Fuel Tech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Wall Street Zen lowered shares of Fuel Tech from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Zacks Research raised Fuel Tech from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce”.

About Fuel Tech

Fuel Tech, Inc (NASDAQ: FTEK) is a specialty technology and engineering company focused on developing and supplying clean air solutions for the power generation and industrial markets. The company designs, manufactures and markets proprietary chemical reagents and process control systems that help customers reduce emissions of nitrogen oxides (NOx), mercury and other air pollutants. Its technology platform combines advanced process modeling, plant optimization software and field testing services to help utilities and industrial facilities comply with environmental regulations and improve operational efficiency.

Fuel Tech’s core product lines include selective catalytic reduction (SCR) optimization systems, activated carbon injection solutions for mercury capture, and sorbent enhancement additives for flue gas desulfurization processes.