Flotek Industries (FTK) Reaches New 52-Week Low at $3.03

Flotek Industries Inc (NYSE:FTK) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $3.03 and last traded at $3.19, with a volume of 32813 shares. The stock had previously closed at $3.18.

FTK has been the subject of a number of research analyst reports. ValuEngine raised Flotek Industries from a “sell” rating to a “hold” rating in a research note on Saturday, June 2nd. Zacks Investment Research downgraded Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 26th.

The firm has a market capitalization of $182.53 million, a P/E ratio of -46.14 and a beta of 1.46.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Wednesday, May 9th. The oil and gas company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.10) by $0.11. The company had revenue of $60.52 million for the quarter, compared to the consensus estimate of $60.50 million. Flotek Industries had a positive return on equity of 0.37% and a negative net margin of 5.16%. Flotek Industries’s quarterly revenue was down 24.3% on a year-over-year basis. During the same period last year, the business posted ($0.01) EPS. analysts expect that Flotek Industries Inc will post -0.2 earnings per share for the current fiscal year.

In other news, insider H. Richard Walton acquired 20,000 shares of Flotek Industries stock in a transaction on Wednesday, May 16th. The shares were bought at an average cost of $3.38 per share, for a total transaction of $67,600.00. Following the acquisition, the insider now directly owns 276,547 shares of the company’s stock, valued at approximately $934,728.86. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman John Chisholm acquired 33,600 shares of Flotek Industries stock in a transaction on Tuesday, May 15th. The shares were purchased at an average price of $3.41 per share, for a total transaction of $114,576.00. Following the completion of the acquisition, the chairman now directly owns 1,158,226 shares in the company, valued at $3,949,550.66. The disclosure for this purchase can be found here. Insiders have acquired a total of 63,816 shares of company stock worth $217,013 over the last 90 days. 4.86% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTK. Arizona State Retirement System increased its holdings in Flotek Industries by 220.8% during the 4th quarter. Arizona State Retirement System now owns 95,507 shares of the oil and gas company’s stock worth $445,000 after purchasing an additional 65,740 shares during the period. Rhumbline Advisers increased its holdings in shares of Flotek Industries by 14.7% in the 4th quarter. Rhumbline Advisers now owns 134,176 shares of the oil and gas company’s stock valued at $625,000 after acquiring an additional 17,161 shares during the period. BlackRock Inc. increased its holdings in shares of Flotek Industries by 4.4% in the 4th quarter. BlackRock Inc. now owns 7,241,765 shares of the oil and gas company’s stock valued at $33,747,000 after acquiring an additional 304,752 shares during the period. Virtu Financial LLC purchased a new position in shares of Flotek Industries in the 4th quarter valued at $323,000. Finally, Geode Capital Management LLC increased its holdings in shares of Flotek Industries by 20.2% in the 4th quarter. Geode Capital Management LLC now owns 533,605 shares of the oil and gas company’s stock valued at $2,486,000 after acquiring an additional 89,500 shares during the period. Institutional investors own 81.04% of the company’s stock.

Flotek Industries Company Profile

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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