Flotek Industries Inc (NYSE:FTK) was the target of a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 6,683,400 shares, an increase of 14.3% from the May 30th total of 5,845,700 shares. Based on an average trading volume of 432,600 shares, the short-interest ratio is currently 15.4 days. Currently, 12.4% of the shares of the stock are sold short.
NYSE FTK traded up $0.01 during trading hours on Friday, reaching $3.21. 202,925 shares of the company’s stock were exchanged, compared to its average volume of 334,772. The company has a market cap of $184.46 million, a PE ratio of -5.53 and a beta of 3.01. Flotek Industries has a one year low of $0.95 and a one year high of $4.01. The business’s fifty day simple moving average is $3.35. The company has a debt-to-equity ratio of 0.08, a quick ratio of 5.44 and a current ratio of 6.62.
Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Wednesday, May 8th. The oil and gas company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.08). The business had revenue of $43.26 million for the quarter, compared to the consensus estimate of $41.80 million. Flotek Industries had a negative return on equity of 19.79% and a negative net margin of 17.26%. On average, equities analysts forecast that Flotek Industries will post -0.52 earnings per share for the current fiscal year.
Separately, Zacks Investment Research lowered ExlService from a “hold” rating to a “sell” rating in a research report on Wednesday.
In other Flotek Industries news, Director David Nierenberg purchased 111,250 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average cost of $3.60 per share, for a total transaction of $400,500.00. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John Chisholm sold 70,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $3.28, for a total value of $229,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 420,200 shares of company stock worth $1,423,616. 7.26% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTK. WINTON GROUP Ltd grew its stake in shares of Flotek Industries by 2.2% in the second quarter. WINTON GROUP Ltd now owns 160,200 shares of the oil and gas company’s stock worth $530,000 after purchasing an additional 3,457 shares during the last quarter. Wilen Investment Management CORP. bought a new stake in shares of Flotek Industries in the first quarter worth $1,500,000. Rutabaga Capital Management LLC MA grew its stake in shares of Flotek Industries by 4.9% in the first 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 last quarter. Arcadia Investment Management Corp MI grew its stake in shares of Flotek Industries by 40.0% in the first quarter. Arcadia Investment Management Corp MI now owns 14,000 shares of the oil and gas company’s stock worth $45,000 after purchasing an additional 4,000 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Flotek Industries by 291.8% in the first 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 last quarter. Institutional investors and hedge funds own 61.88% of the company’s stock.
Flotek Industries Company Profile
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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