Flotek Industries, Inc. (NYSE:FTK – Get Free Report) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 583,300 shares, a drop of 10.1% from the September 30th total of 648,900 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average trading volume of 115,300 shares, the days-to-cover ratio is currently 5.1 days.
Hedge Funds Weigh In On Flotek Industries
Several institutional investors and hedge funds have recently added to or reduced their stakes in FTK. Vanguard Group Inc. grew its position in Flotek Industries by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock worth $2,039,000 after purchasing an additional 39,695 shares in the last quarter. Masters Capital Management LLC boosted its stake in shares of Flotek Industries by 3.8% during the 1st quarter. Masters Capital Management LLC now owns 500,000 shares of the oil and gas company’s stock valued at $1,870,000 after buying an additional 18,524 shares during the period. Finally, Sanders Morris Harris LLC acquired a new stake in shares of Flotek Industries during the 3rd quarter valued at $137,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on FTK shares. Roth Capital upgraded shares of Flotek Industries to a “strong-buy” rating in a research note on Thursday, July 25th. Roth Mkm initiated coverage on shares of Flotek Industries in a research report on Thursday, July 25th. They issued a “buy” rating and a $6.50 price target on the stock. One analyst has rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $6.75.
Flotek Industries Stock Down 1.0 %
Flotek Industries stock traded down $0.05 during mid-day trading on Thursday, hitting $4.93. The company’s stock had a trading volume of 24,001 shares, compared to its average volume of 75,161. Flotek Industries has a twelve month low of $2.64 and a twelve month high of $5.61. The stock has a market capitalization of $146.97 million, a P/E ratio of 22.45 and a beta of 1.03. The stock’s fifty day moving average price is $4.71 and its two-hundred day moving average price is $4.37.
Flotek Industries (NYSE:FTK – Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. Flotek Industries had a net margin of 3.94% and a return on equity of 6.73%. The firm had revenue of $46.15 million for the quarter, compared to analysts’ expectations of $46.60 million. During the same period in the previous year, the company posted ($0.24) EPS. Equities analysts expect that Flotek Industries will post 0.27 earnings per share for the current year.
Flotek Industries Company Profile
Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).
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