Flotek Industries (NYSE:FTK) Upgraded at Singular Research

Singular Research upgraded shares of Flotek Industries (NYSE:FTK) to a moderate buy rating in a research note released on Monday morning,Zacks.com reports.

Flotek Industries Trading Down 1.1 %

Shares of NYSE:FTK opened at $9.40 on Monday. The company has a fifty day simple moving average of $8.59 and a 200 day simple moving average of $7.24. The firm has a market cap of $280.26 million, a PE ratio of 36.14 and a beta of 1.21. Flotek Industries has a 12-month low of $3.13 and a 12-month high of $10.35.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Monday, March 10th. The oil and gas company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.04. The business had revenue of $50.76 million during the quarter, compared to analyst estimates of $50.08 million. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. During the same quarter in the previous year, the firm earned $0.07 earnings per share. As a group, equities research analysts forecast that Flotek Industries will post 0.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Flotek Industries

A number of hedge funds have recently added to or reduced their stakes in FTK. PDT Partners LLC acquired a new position in Flotek Industries in the third quarter worth $86,000. XTX Topco Ltd acquired a new position in Flotek Industries in the third quarter worth $53,000. Barclays PLC acquired a new position in Flotek Industries in the third quarter worth $66,000. Geode Capital Management LLC boosted its holdings in Flotek Industries by 108.1% in the third quarter. Geode Capital Management LLC now owns 297,483 shares of the oil and gas company’s stock worth $1,483,000 after purchasing an additional 154,497 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Flotek Industries in the third quarter worth $60,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).