Flotek Industries (NYSE:FTK) Downgraded to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Flotek Industries (NYSE:FTK) from a hold rating to a sell rating in a report published on Tuesday, 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, ValuEngine downgraded shares of Flotek Industries from a buy rating to a hold rating in a report on Thursday, August 8th.

Shares of NYSE:FTK opened at $2.04 on Tuesday. Flotek Industries has a twelve month low of $0.95 and a twelve month high of $4.01. The stock has a 50 day simple moving average of $2.97. The company has a current ratio of 6.62, a quick ratio of 5.44 and a debt-to-equity ratio of 0.08. The firm has a market cap of $114.35 million, a P/E ratio of -3.52 and a beta of 3.00.

In other news, Director David Nierenberg acquired 20,200 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $3.08 per share, with a total value of $62,216.00. Following the purchase, the director now directly owns 106,772 shares of the company’s stock, valued at $328,857.76. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John Chisholm sold 70,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $3.28, for a total transaction of $229,600.00. The disclosure for this sale can be found here. Insiders have bought a total of 420,200 shares of company stock worth $1,423,616 in the last ninety days. Corporate insiders own 7.26% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Deutsche Bank AG grew its stake in shares of Flotek Industries by 203.1% during the 4th quarter. Deutsche Bank AG now owns 337,286 shares of the oil and gas company’s stock worth $366,000 after purchasing an additional 226,010 shares during the period. Geode Capital Management LLC grew its stake in shares of Flotek Industries by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 566,382 shares of the oil and gas company’s stock worth $617,000 after purchasing an additional 25,748 shares during the period. Millennium Management LLC grew its stake in shares of Flotek Industries by 1,558.1% during the 4th quarter. Millennium Management LLC now owns 1,218,601 shares of the oil and gas company’s stock worth $1,328,000 after purchasing an additional 1,145,106 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Flotek Industries by 291.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 11,583 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 8,627 shares during the period. Finally, Rutabaga Capital Management LLC MA grew its stake in shares of Flotek Industries by 4.9% during the 1st quarter. Rutabaga Capital Management LLC MA now owns 1,838,585 shares of the oil and gas company’s stock worth $5,957,000 after purchasing an additional 85,963 shares during the period. 60.78% of the stock is currently owned by institutional investors and hedge funds.

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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