Flotek Industries, Inc. (NYSE:FTK) Sees Significant Drop in Short Interest

Flotek Industries, Inc. (NYSE:FTK) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 433,800 shares, a drop of 6.3% from the May 31st total of 463,000 shares. Based on an average trading volume of 56,600 shares, the short-interest ratio is presently 7.7 days. Currently, 1.5% of the shares of the company are short sold.

Flotek Industries Trading Up 2.8 %

NYSE FTK opened at $4.76 on Thursday. Flotek Industries has a 1-year low of $2.64 and a 1-year high of $5.70. The company has a 50 day moving average of $4.10 and a 200-day moving average of $3.61. The company has a market cap of $141.18 million, a price-to-earnings ratio of 118.97 and a beta of 1.08.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Tuesday, May 7th. The oil and gas company reported $0.05 earnings per share for the quarter. Flotek Industries had a net margin of 2.73% and a return on equity of 1.77%. The company had revenue of $40.37 million during the quarter.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTK. TheStreet upgraded shares of Flotek Industries from a “d” rating to a “c-” rating in a research report on Wednesday, March 13th. Alliance Global Partners began coverage on shares of Flotek Industries in a research report on Monday, April 29th. They set a “buy” rating and a $7.00 price objective for the company.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Pingora Partners LLC bought a new stake in shares of Flotek Industries during the fourth quarter worth $46,000. Sanders Morris Harris LLC bought a new stake in shares of Flotek Industries during the first quarter worth $223,000. Segment Wealth Management LLC bought a new stake in shares of Flotek Industries during the fourth quarter worth $241,000. Masters Capital Management LLC grew its stake in shares of Flotek Industries by 3.8% during the first quarter. Masters Capital Management LLC now owns 500,000 shares of the oil and gas company’s stock worth $1,870,000 after buying an additional 18,524 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake 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 worth $2,039,000 after purchasing an additional 39,695 shares during the last quarter. 10.90% of the stock is owned by institutional investors.

Flotek Industries Company Profile

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).