BidaskClub Lowers Flotek Industries, Inc. (FTK) to Strong Sell
BidaskClub lowered shares of Flotek Industries, Inc. (NYSE:FTK) from a sell rating to a strong sell rating in a research note issued to investors on Thursday.
Several other research firms have also recently weighed in on FTK. Zacks Investment Research upgraded shares of Flotek Industries from a hold rating to a buy rating and set a $12.00 price objective on the stock in a research report on Monday, May 8th. Seaport Global Securities reiterated a buy rating on shares of Flotek Industries in a research report on Thursday, July 20th. Finally, ValuEngine cut shares of Flotek Industries from a hold rating to a sell rating in a research report on Friday, June 2nd.
Shares of Flotek Industries (FTK) opened at 5.47 on Thursday. The company’s 50-day moving average price is $7.32 and its 200 day moving average price is $10.13. Flotek Industries has a 12-month low of $4.91 and a 12-month high of $16.93. The firm’s market capitalization is $313.61 million.
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A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Flotek Industries by 132,538.6% in the first quarter. BlackRock Inc. now owns 6,760,587 shares of the oil and gas company’s stock valued at $86,468,000 after buying an additional 6,755,490 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Flotek Industries by 2.8% in the second quarter. Vanguard Group Inc. now owns 5,020,985 shares of the oil and gas company’s stock worth $44,888,000 after buying an additional 135,026 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Flotek Industries by 3,092.1% in the second quarter. JPMorgan Chase & Co. now owns 4,058,817 shares of the oil and gas company’s stock worth $36,286,000 after buying an additional 3,931,665 shares during the period. Bamco Inc. NY raised its stake in shares of Flotek Industries by 21.3% in the second quarter. Bamco Inc. NY now owns 3,060,366 shares of the oil and gas company’s stock worth $27,360,000 after buying an additional 536,514 shares during the period. Finally, Northpointe Capital LLC raised its stake in shares of Flotek Industries by 15.7% in the second quarter. Northpointe Capital LLC now owns 1,757,075 shares of the oil and gas company’s stock worth $15,708,000 after buying an additional 239,065 shares during the period. Hedge funds and other institutional investors own 96.74% of the company’s stock.
About Flotek Industries
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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