Flotek Industries, Inc. (NYSE:FTK) Short Interest Update

Flotek Industries, Inc. (NYSE:FTK) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 533,900 shares, an increase of 7.3% from the August 31st total of 497,600 shares. Based on an average trading volume of 112,000 shares, the days-to-cover ratio is presently 4.8 days. Currently, 1.9% of the shares of the company are short sold.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTK. Roth Mkm began coverage on shares of Flotek Industries in a research note on Thursday, July 25th. They set a “buy” rating and a $6.50 price target on the stock. Roth Capital upgraded shares of Flotek Industries to a “strong-buy” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $6.75.

Institutional Trading of Flotek Industries

Several institutional investors and hedge funds have recently modified their holdings of FTK. Masters Capital Management LLC lifted its holdings in shares of Flotek Industries by 44.4% in the fourth quarter. Masters Capital Management LLC now owns 481,476 shares of the oil and gas company’s stock valued at $1,887,000 after purchasing an additional 148,140 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in shares of Flotek Industries in the first quarter valued at about $223,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Flotek Industries by 7.9% in the first quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock valued at $2,039,000 after purchasing an additional 39,695 shares in the last quarter. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Trading Down 4.6 %

Shares of FTK opened at $4.75 on Wednesday. The firm’s 50-day moving average is $4.44 and its two-hundred day moving average is $4.19. Flotek Industries has a twelve month low of $2.64 and a twelve month high of $5.61. The firm has a market capitalization of $140.87 million, a P/E ratio of 118.75 and a beta of 1.03.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, August 6th. The oil and gas company reported $0.06 earnings per share for the quarter, hitting the consensus estimate of $0.06. Flotek Industries had a net margin of 3.94% and a return on equity of 6.73%. The company had revenue of $46.15 million for the quarter, compared to analyst estimates of $46.60 million. During the same period in the prior year, the business posted ($0.24) earnings per share. Analysts predict that Flotek Industries will post 0.27 EPS for the current year.

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).