Flotek Industries, Inc. (NYSE:FTK) – Stock analysts at Seaport Global Securities reduced their Q2 2018 earnings estimates for Flotek Industries in a research note issued on Monday, May 21st. Seaport Global Securities analyst S. Randhawa now forecasts that the oil and gas company will earn ($0.07) per share for the quarter, down from their previous estimate of ($0.05). Seaport Global Securities also issued estimates for Flotek Industries’ Q4 2018 earnings at ($0.02) EPS, FY2018 earnings at ($0.20) EPS and FY2019 earnings at $0.10 EPS.
Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Wednesday, May 9th. The oil and gas company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.11. The business had revenue of $60.52 million for the quarter, compared to the consensus estimate of $60.50 million. Flotek Industries had a negative net margin of 5.16% and a positive return on equity of 0.37%. Flotek Industries’s revenue was down 24.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.01) earnings per share.
A number of other brokerages also recently issued reports on FTK. ValuEngine downgraded shares of Flotek Industries from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded shares of Flotek Industries from a “hold” rating to a “buy” rating and set a $6.25 price objective on the stock in a research note on Wednesday, February 21st.
Shares of Flotek Industries opened at $3.20 on Wednesday, MarketBeat reports. The stock has a market cap of $190.49 million, a price-to-earnings ratio of -45.71 and a beta of 1.52. Flotek Industries has a 12-month low of $3.15 and a 12-month high of $10.70.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Flotek Industries by 4.4% in the fourth quarter. BlackRock Inc. now owns 7,241,765 shares of the oil and gas company’s stock worth $33,747,000 after acquiring an additional 304,752 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in shares of Flotek Industries in the fourth quarter worth about $225,000. Connors Investor Services Inc. lifted its holdings in shares of Flotek Industries by 73.2% in the fourth quarter. Connors Investor Services Inc. now owns 492,126 shares of the oil and gas company’s stock worth $2,293,000 after acquiring an additional 207,918 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Flotek Industries in the fourth quarter worth about $323,000. Finally, Deutsche Bank AG lifted its holdings in shares of Flotek Industries by 58.1% in the fourth quarter. Deutsche Bank AG now owns 819,925 shares of the oil and gas company’s stock worth $3,819,000 after acquiring an additional 301,356 shares during the last quarter. 78.47% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Joshua A. Snively bought 10,216 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was purchased at an average price of $3.41 per share, with a total value of $34,836.56. Following the completion of the acquisition, the executive vice president now owns 94,975 shares of the company’s stock, valued at $323,864.75. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider H. Richard Walton bought 20,000 shares of the company’s stock in a transaction dated Wednesday, May 16th. The stock was bought at an average cost of $3.38 per share, with a total value of $67,600.00. Following the acquisition, the insider now directly owns 276,547 shares of the company’s stock, valued at approximately $934,728.86. The disclosure for this purchase can be found here. Insiders have acquired 63,816 shares of company stock worth $217,013 over the last quarter. Corporate insiders own 4.86% of the company’s stock.
About Flotek Industries
Flotek Industries, Inc develops and supplies chemistry and services to the oil and gas industries in the United States and internationally. It operates through two segments, Energy Chemistry Technologies; and Consumer and Industrial Chemistry Technologies. The Energy Chemistry Technologies segment is involved in the design, development, manufacture, packaging, and marketing of chemistries under the Complex nano-Fluid brand name for use in oil and gas well drilling, cementing, completion, stimulation, and production activities, as well as for use in enhanced and improved oil recovery markets.
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