Seaport Global Securities Equities Analysts Cut Earnings Estimates for Flotek Industries, Inc. (NYSE:FTK)

Flotek Industries, Inc. (NYSE:FTK) – Equities research analysts at Seaport Global Securities decreased their Q3 2017 earnings per share (EPS) estimates for shares of Flotek Industries in a note issued to investors on Monday. Seaport Global Securities analyst S. Randhawa now expects that the oil and gas company will earn $0.05 per share for the quarter, down from their previous forecast of $0.11. Seaport Global Securities has a “Buy” rating on the stock. Seaport Global Securities also issued estimates for Flotek Industries’ Q4 2017 earnings at $0.11 EPS, Q1 2018 earnings at $0.10 EPS, Q2 2018 earnings at $0.11 EPS, Q3 2018 earnings at $0.18 EPS, Q4 2018 earnings at $0.26 EPS, Q1 2019 earnings at $0.18 EPS, Q2 2019 earnings at $0.18 EPS and FY2019 earnings at $0.97 EPS.

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Several other research firms have also recently issued reports on FTK. Zacks Investment Research upgraded Flotek Industries from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Monday, May 8th. BidaskClub cut Flotek Industries from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Finally, ValuEngine cut Flotek Industries from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd.

Shares of Flotek Industries (FTK) opened at 6.38 on Tuesday. The firm’s 50-day moving average is $8.76 and its 200 day moving average is $10.71. Flotek Industries has a 52 week low of $6.20 and a 52 week high of $16.93. The firm’s market cap is $365.78 million.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Flotek Industries by 132,538.6% in the first quarter. BlackRock Inc. now owns 6,760,587 shares of the oil and gas company’s stock worth $86,468,000 after buying an additional 6,755,490 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Flotek Industries by 7.2% in the first quarter. Vanguard Group Inc. now owns 4,885,959 shares of the oil and gas company’s stock worth $62,491,000 after buying an additional 330,179 shares in the last quarter. Northpointe Capital LLC boosted its position in shares of Flotek Industries by 15.7% in the second quarter. Northpointe Capital LLC now owns 1,757,075 shares of the oil and gas company’s stock worth $15,708,000 after buying an additional 239,065 shares in the last quarter. GW&K Investment Management LLC boosted its position in shares of Flotek Industries by 0.7% in the first quarter. GW&K Investment Management LLC now owns 1,271,862 shares of the oil and gas company’s stock worth $16,267,000 after buying an additional 9,051 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Flotek Industries by 9.4% in the first quarter. State Street Corp now owns 1,254,635 shares of the oil and gas company’s stock worth $16,048,000 after buying an additional 108,072 shares in the last quarter.

About Flotek Industries

Flotek Industries, Inc is a technology-driven company. The Company develops and supplies chemistry and services to the oil and gas industries, and compounds to companies that make cleaning products, cosmetics, food and beverages, and other products that are sold in consumer and industrial markets. The Company operates through two segments: Energy Chemistry Technologies (ECT), and Consumer and Industrial Chemistry Technologies (CICT).

Earnings History and Estimates for Flotek Industries (NYSE:FTK)

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