Flotek Industries (NYSE:FTK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday, January 9th.
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. “
Flotek Industries (FTK) traded down $0.08 during trading on Tuesday, reaching $5.85. The company’s stock had a trading volume of 1,529,900 shares, compared to its average volume of 1,236,860. The firm has a market capitalization of $348.34, a price-to-earnings ratio of -292.50 and a beta of 1.69. Flotek Industries has a one year low of $4.14 and a one year high of $14.51.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. boosted its holdings in Flotek Industries by 0.8% in 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 acquiring an additional 1,937 shares during the period. 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 acquiring 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 acquiring 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 acquiring 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 acquiring an additional 6,518 shares in the last quarter. 84.91% of the stock is owned by hedge funds and other institutional investors.
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Flotek Industries Company Profile
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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