ValuEngine lowered shares of Flotek Industries (NYSE:FTK) from a hold rating to a sell rating in a research report sent to investors on Monday morning.
Separately, Zacks Investment Research cut shares of Flotek Industries from a hold rating to a strong sell rating in a research report on Friday, May 11th.
Get Flotek Industries alerts:Shares of Flotek Industries opened at $3.20 on Monday, Marketbeat reports. The company has a market capitalization of $183.67 million, a PE ratio of -45.71 and a beta of 1.49. Flotek Industries has a 12 month low of $3.03 and a 12 month high of $9.53.
Flotek Industries (NYSE:FTK) last issued its earnings results on Wednesday, May 9th. The oil and gas company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.10) by $0.11. The company had revenue of $60.52 million during the quarter, compared to analysts’ expectations of $60.50 million. Flotek Industries had a negative net margin of 5.16% and a positive return on equity of 0.37%. The business’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.01) EPS. sell-side analysts predict that Flotek Industries will post -0.2 earnings per share for the current fiscal year.
In related news, insider H. Richard Walton purchased 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The shares were bought at an average cost of $3.38 per share, with a total value of $67,600.00. Following the acquisition, the insider now owns 276,547 shares of the company’s stock, valued at approximately $934,728.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Joshua A. Snively purchased 10,216 shares of the firm’s stock in a transaction that occurred on Wednesday, May 16th. The shares were bought at an average cost of $3.41 per share, for a total transaction of $34,836.56. Following the completion of the acquisition, the executive vice president now directly owns 94,975 shares in the company, valued at approximately $323,864.75. The disclosure for this purchase can be found here. Insiders bought a total of 63,816 shares of company stock valued at $217,013 over the last 90 days. Corporate insiders own 4.86% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers grew its holdings in shares of Flotek Industries by 14.7% during the 4th quarter. Rhumbline Advisers now owns 134,176 shares of the oil and gas company’s stock valued at $625,000 after purchasing an additional 17,161 shares during the last quarter. Boston Partners grew its holdings in shares of Flotek Industries by 2.8% during the 1st quarter. Boston Partners now owns 821,680 shares of the oil and gas company’s stock valued at $5,012,000 after purchasing an additional 22,760 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Flotek Industries by 10.8% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 282,218 shares of the oil and gas company’s stock valued at $1,722,000 after purchasing an additional 27,597 shares during the last quarter. MetLife Investment Advisors LLC bought a new stake in shares of Flotek Industries during the 4th quarter valued at approximately $133,000. Finally, Trexquant Investment LP grew its holdings in shares of Flotek Industries by 261.4% during the 1st quarter. Trexquant Investment LP now owns 61,177 shares of the oil and gas company’s stock valued at $373,000 after purchasing an additional 44,247 shares during the last quarter. 81.04% of the stock is currently owned by institutional investors.
About Flotek Industries
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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