Flotek Industries Inc (NYSE:FTK) was the target of a significant decline in short interest in September. As of September 30th, there was short interest totalling 5,870,000 shares, a decline of 6.8% from the August 30th total of 6,300,000 shares. Approximately 10.8% of the company’s stock are sold short. Based on an average daily trading volume, of 454,600 shares, the days-to-cover ratio is currently 12.9 days.
FTK stock traded down $0.02 during trading on Thursday, hitting $1.90. 18,968 shares of the company’s stock were exchanged, compared to its average volume of 329,520. The business has a 50-day moving average price of $2.16 and a two-hundred day moving average price of $2.88. The stock has a market capitalization of $120.01 million, a price-to-earnings ratio of -3.16 and a beta of 3.14. Flotek Industries has a 52-week low of $0.95 and a 52-week high of $4.01. The company has a current ratio of 7.60, a quick ratio of 6.48 and a debt-to-equity ratio of 0.08.
Flotek Industries (NYSE:FTK) last posted its earnings results on Wednesday, August 7th. The oil and gas company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.08). The business had revenue of $34.69 million for the quarter, compared to analysts’ expectations of $45.20 million. Flotek Industries had a negative return on equity of 15.73% and a net margin of 11.97%.
A number of equities analysts have recently commented on FTK shares. ValuEngine raised Flotek Industries from a “hold” rating to a “buy” rating in a research report on Wednesday, September 4th. Zacks Investment Research downgraded Flotek Industries from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th.
In other news, CEO John Chisholm sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $2.18, for a total transaction of $54,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David Nierenberg acquired 16,700 shares of the stock in a transaction dated Monday, September 16th. The shares were bought at an average cost of $2.54 per share, with a total value of $42,418.00. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 172,700 shares of company stock valued at $415,468. Corporate insiders own 7.26% of the company’s stock.
A number of hedge funds have recently bought and sold shares of FTK. Vanguard Group Inc. lifted its stake in Flotek Industries by 32.2% during the second quarter. Vanguard Group Inc. now owns 2,796,685 shares of the oil and gas company’s stock worth $9,257,000 after purchasing an additional 681,679 shares during the last quarter. Morgan Stanley lifted its stake in Flotek Industries by 1,440.5% in the second quarter. Morgan Stanley now owns 412,706 shares of the oil and gas company’s stock valued at $1,366,000 after buying an additional 385,915 shares during the last quarter. Northern Right Capital Management L.P. lifted its stake in Flotek Industries by 51.1% in the second quarter. Northern Right Capital Management L.P. now owns 851,200 shares of the oil and gas company’s stock valued at $2,817,000 after buying an additional 288,026 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Flotek Industries by 70.2% in the second quarter. JPMorgan Chase & Co. now owns 346,178 shares of the oil and gas company’s stock valued at $1,104,000 after buying an additional 142,823 shares during the last quarter. Finally, Alambic Investment Management L.P. purchased a new stake in Flotek Industries in the second quarter valued at approximately $207,000. Hedge funds and other institutional investors own 58.15% of the company’s stock.
About Flotek Industries
Flotek Industries, Inc provides chemistry and services to the oil and gas industries in then United States and internationally. The company designs, develops, manufactures, packs, markets, distributes, and delivers reservoir-centric fluid systems, including specialty and conventional chemistries for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities, as well as use in enhanced and improved oil recovery markets under the Complex nano-Fluid, Pressure reducing Fluids, and MicroSolv brand names.
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