Flotek Industries (NYSE:FTK) Downgraded by Zacks Investment Research

Flotek Industries (NYSE:FTK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

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. “

Separately, Noble Financial restated a “buy” rating and set a $2.50 price target on shares of Flotek Industries in a research note on Wednesday, November 10th.

Shares of Flotek Industries stock remained flat at $$0.82 during trading hours on Thursday. The company’s stock had a trading volume of 161,347 shares, compared to its average volume of 370,326. The business’s 50 day moving average is $1.10 and its 200 day moving average is $1.51. The company has a market capitalization of $65.29 million, a price-to-earnings ratio of -1.64 and a beta of 2.26. Flotek Industries has a 1-year low of $0.80 and a 1-year high of $2.74. The company has a quick ratio of 2.11, a current ratio of 2.61 and a debt-to-equity ratio of 0.10.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp raised its holdings in shares of Flotek Industries by 307.3% during the 2nd quarter. State Street Corp now owns 243,048 shares of the oil and gas company’s stock worth $420,000 after acquiring an additional 183,370 shares in the last quarter. Nierenberg Investment Management Company Inc. raised its holdings in shares of Flotek Industries by 3.3% during the 2nd quarter. Nierenberg Investment Management Company Inc. now owns 4,840,969 shares of the oil and gas company’s stock worth $8,375,000 after acquiring an additional 156,337 shares in the last quarter. Disciplined Growth Investors Inc. MN raised its holdings in shares of Flotek Industries by 11.6% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 1,387,668 shares of the oil and gas company’s stock worth $2,401,000 after acquiring an additional 144,126 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Flotek Industries by 27.0% during the 2nd quarter. Bridgeway Capital Management LLC now owns 520,500 shares of the oil and gas company’s stock worth $900,000 after acquiring an additional 110,800 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in shares of Flotek Industries by 49.4% during the 1st quarter. Squarepoint Ops LLC now owns 278,589 shares of the oil and gas company’s stock worth $468,000 after acquiring an additional 92,061 shares in the last quarter. 30.70% of the stock is currently owned by institutional investors.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven, specialty chemistry and data company that serves customers across industrial, commercial and consumer markets. It operates through the following segments: Chemistry Technologies and Data Analytics. The Chemistry Technologies segment develops, manufactures, packages, distributes delivers, and markets sanitizers and disinfectants for commercial, governmental and personal consumer use and also includes specialty chemistries and logistics which enable customers to improve efficiencies in the drilling and completion of well.

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