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Wed, Jan. 27, 5:07 PM
Wed, Jan. 27, 2:58 PM
- Flotek Industries (FTK +5.6%) releases an independent report it says shows that its proprietary blend of completion fluids helped increase production in wells in Colorado, refuting earlier criticism that it manipulated data to make its products appear more effective than they were.
- The report says wells in Colorado's DJ Basin that received FTK’s CnF nano-fluid technology performed better than wells that did not receive the product, which is derived from citrus fruit and designed to help pry loose more oil and gas trapped underground.
- Overall, the report concluded that two focus areas showed a significant increase in historical production and ultimate oil output, but the results for a third, more gas-rich focus area were not as conclusive.
Tue, Jan. 26, 5:35 PM| Tue, Jan. 26, 5:35 PM | 26 Comments
Wed, Jan. 20, 10:41 AM
- Seaport Global Securities raises its rating on Flotek Industries (FTK -9.1%) from Accumulate to Speculative Buy with a price target of $8.00 (from $10.00).
- Analyst Mark Brown: We believe the share price decline YTD is overdone given our view that completion-levered stocks will be among the earliest beneficiaries of U.S.-led cyclical reinvestment. We also point to risks and uncertainties associated with the SEC inquiry and the company's business uptake in this environment, hence our Speculative Buy rating."
- FTK shares have fallen 56% YTD.
Tue, Jan. 19, 2:23 PM
- Flotek Industries plunges more than 20% (FTK -22.6%) after saying the SEC had opened an inquiry into the reporting and accuracy of its FracMax software as well as the efficacy of its CnF completion chemistries.
- FTK says it has been named as a defendant in several shareholder class action lawsuit as a result of issues raised in an independent report regarding the accuracy of FracMax and the efficacy of CnF.
- In a Q4 update, FTK says CnF Q4 revenue would be flat Q/Q on a ~5% increase in volumes, but the non-CnF chemistry business will be "meaningfully weaker" and the drilling technologies segment will decline 5% Q/Q.
Tue, Jan. 19, 12:41 PM
Nov. 17, 2015, 12:47 PM
Nov. 17, 2015, 10:11 AM
- Flotek (FTK +8.7%) pops in early trade after a tumultuous past few days.
- See: Bakken Update: A Bronte Rebuff, Flotek Well Produces 24% More Oil Over First 11 Months
Nov. 11, 2015, 10:34 AM
- Flotek Industries (FTK -6.6%) has appointed a committee to oversee a review of its proprietary software application - FracMax -after confirming problems with the system.
- The announcement sent Flotek's stock price reeling and spurred a flurry of announcements from law firms launching investigations into the company's claims on behalf of investors.
Nov. 10, 2015, 12:48 PM
Nov. 10, 2015, 10:48 AM
- Flotek Industries (FTK -32.9%) plunges another 33% to fall below the $10 mark following yesterday's 20% drop in response to a negative report from Bronte Capital; today, the company's rebuttal appears to suggest the company misinterpreted production data in three wells analyzed in the report.
- In FTK's response to the Bronte Capital report, the company says "the wells in question are single-well units... while the adjustment does impact the magnitude of the outperformance of the well completed using [complex nano-fluid surfactants] when compared to the non-CnF treated wells, it does not, the company believes, change the conclusion that the CnF well outperformed the non-CnF wells."
- Also, Iberia Capital has come out with its own scathing report that rates shares as Underperform and worth less than $3 each, citing a "persisting lack of evidence to support management's claims."
Nov. 10, 2015, 9:13 AM
Nov. 9, 2015, 4:48 PM
- Flotek Industries (NYSE:FTK) fell nearly 20% in today's trade after a negative report by Bronte Capital's John Hempton accused the company of repeatedly using "data [that] looks like it was made up or at least systematically rigged."
- The report challenged statements by FTK CEO John Chisholm that its citrus-based complex nano-fluid surfactants increase the production of crude oil and natural gas from fracking of existing or recently completed wells; Hempton wrote that production figures provided by the company to investors supporting its assertions does not match data given to Texas regulators before and after FTK products were used.
- FTK responded just before the close with a statement reaffirming its presence at tomorrow's Stephens investment conference, where it says it will answer questions concerning today's news and trading activity; FTK says data for its FracMax product accurately assess well performance and the benefits.
Nov. 9, 2015, 12:45 PM
Oct. 22, 2015, 9:14 AM
Oct. 21, 2015, 5:39 PM
Flotek Industries Inc provides drilling and production products and services to the energy and mining industries. The Company offers oilfield specialty chemistry and logistics, downhole drilling tools, and production related tools.
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