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Major Timber ! CEO didn’t close deal!!! .15
End although I wasn’t surprised the CEO leaving may be bad for the stock price. But the biggest issue is the change over in the sales force and the loss of revenue.
Agreed.
At this rate I wouldn't be surprised to see 1.00 by year end.
It was the 2nd quarter earnings report and commitment to the "core business" that really put the nails in the coffin here.
Won't know until they show positive growth in Sales.
Wonder how low this will go?
Weak sales and uncertainty in their industry certainly aren't helping.
The problem is Sales. They may be able to get their break even under $40mm but if they only sell in the 20's. They are not going to make any money very soon and will eat up the cash.
I don't know exactly what happened to their Sales force but sounds like they lost all of them, either fired or quit and the current ones are all new.
I think their is more pain to come.
Well, I sold out my full position at an average price of 2.15/share prior to this earnings release. May revisit this in the new year as tax loss selling and impatient investors may drive this lower still. Great time for more Nierenberg buying!
GLTA
I saw a double bottom in the charts. But I sold yesterday to buy some IDCC which is breaking out on what I Think is a game changing 8k an all inclusive license with a Chinese manufacturer.
Looks like you timed your buy well!
Still here, still looking for a silver lining.
Buying back in here seems really inexpensive.
Unfortunately the whole business sector is depressed so I doubt there are many buyers lining up at this moment.
Stock is trading close to the cash amount on hand (and no debt). David bought lots of shares recently at a much higher price. Bear trap or value play? Flotek NEEDS to actively look for a buyer from a bigger player, and soon!
He's our biggest fan apparently.
This latest news of the Saudi bombing will most likely drive oil players and oil service providers like FTK upwards for the near future.
Looks like David was doing some recent buying of FTK
Its always on the table---I was here for that option or a cash dividend. Now, with volume greater than 500k for the last few days this week, maybe more insider buying or possible news on the horizon. It is gradual and careful loading that I see on the bid currently. GLTA
Who knows, maybe a bigger player has taken an interest in FTK. Maybe they get sold.
Don't ask me, LOL, I was down about 40% one day on that now just 2%.
I think they will be OK but I am as always more concerned about the broader market and the potential for it to to top out shortly.
My best potential stock is NDRA, IMO.
Me too. I still mad money though.
Interesting play over there. Might do some DD on that later this week.
Solid decision in hindsight---wish I had considered the same course of action when this crested $4!
Then I bought RYAM and had my head handed to me but I am almost back to breakeven on that.
I am still watching but didn't like the action and sol dout in the low 3's. Got lucky.
Still here---still holding...not the exact turn of events I (we) was expecting with regards to the cash windfall and potential courses that could have taken.
That being said, I've seen that there has been some solid bid buying this week against the backdrop of weak oil prices and continued uncertainty in the market---this bodes well after weeks of stagnation since the last ER.
Here's hoping that lower oil prices encourage the use of our product further now that expansion is out of the question for most small and mid cap oil operations.
New SA article on Flotek https://seekingalpha.com/article/4286303-flotek-industries-drilling-value
Pretty soon we will be able to buy for the cash on hand only about .30 above that now. Cheapest this company has ever been.
You never know!
The volume on the uptrend is substantially less than what got us into the high 2.80's---I feel like this is now just playing along with the oil and gas fluctuations the more we hear nothing of their long term plans (minus the recent spate of hiring of course).
Moving up the last 2 days. Maybe we will hear some good news soon.
Sure would be nice to hear something from the company. Interesting, based on the SEC filings that David Nierenberg has been a buyer, but John Chisholm has sold some shares.
Yup! The silence is deafening.
I subscribe to their linked-in page for corporate updates and they are continually hiring new sales and operations people.
So, they're alive at least.
They need to announce what they are going to do with the cash.
I think it had been going in sympathy with Natural Gas, just my guess.
Steady selling pressure this week and last has finally dipped us below $3.00---great time for flotek to announce a stock buyback imo.
I feel this to be the most likely option at this time. The hiring of the new head of sales signaled their intent to keep moving forward as a going concern.
dndodd, Good point. David Nierenberg did quite a bit of buying at prices quite higher then today's close. That may of had some impact on the price. Still waiting to see if the company elects to do a stock buyback with some of its cash reserves.
That insider buying which spurred the move to $4 could not have happened if their was any offers in consideration. IMO
Just guessing here, but maybe management thought they were closing in on a deal to sell the company but it didn't happen. That may explain the move down from close to $4 to close to $3. Either way, they are still sitting on the cash and the book value of the company is much greater than the market cap.
From $4 to almost near $3 in the same month on no news but the general market sentiment.
Here's to some form of announcement in the near future regarding said cash hoard.
More or less bounced off $4 may take a couple of attempts.
Looks like a run over $4 will happen today. Can't wait to hear more details from FTK about their plans for said cash hoard.
Closing in on $4/share. We should be hearing something soon as to the game plan relating to the huge cash stash.
Nice close at the high of the day. Go FTK!
It has to be. We have bids in excess of 2k size all day long.
https://www.nasdaq.com/symbol/ftk/insider-trades
Might be bought almost 200K shares in the 3.40's.
This is the first time in a long time this has rallied with up days consistently in a row. Maybe David is still buying?
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Flotek Industries Inc., is a diversified global supplier of drilling-and production-related products and services to the energy and mining industries. Flotek is headquartered in Houston, Texas and its common shares are traded on the New York Stock Exchange market under the stock ticker symbol, “FTK.” FLOTEK was originally incorporated under the laws of the Province of British Columbia on May 17, 1985. On October 23, 2001, we approved a change in our corporate domicile to the state of Delaware and a reverse stock split of 120 to 1. On October 31, 2001, we completed a reverse merger with CESI Chemical, Inc. (“CESI”). Since that date, we have entered into the following acquisitions that were outside the ordinary course of our business:
Our specialty chemicals division provides chemical technology solutions to maximize recovery from both new and mature fields. Our development of specialty chemicals with enhanced performance characteristics to withstand a wide range of downhole pressures, temperatures and other well-specific conditions is key to the success of this division. We utilize a technical service laboratory, to focus on design, development and testing of new chemical formulations and enhancement of existing products, often in cooperation with our customers.
We manufacture, sell, rent and inspect specialized equipment for use in drilling, completion, production and workover activities throughout the United States and in select international markets. Our rental tools include stabilizers, drill collars, reamers, wipers, jars, mud-motors, wireless drift indicators, and measurement while drilling tools, while equipment sold includescentralizers and drill bits. We focus our product marketing efforts primarily in the Gulf of Mexico, Mid-Continental and Rocky Mountain regions of the United States, with international sales currently conducted through third party agents.
Our products address the needs of coal bed methane and traditional oil and gas production to efficiently move gas, oil and other fluids from the producing horizon to the surface.
The patented gas separator is particularly applicable for coal bed methane production as it efficiently separates gas and water downhole, ensuring solution gas is not lost in water production.
If you drill, produce, or transport, Flotek Industries has high quality products at great values to help you succeed. Check out our complete product lines in these catalogs:
If you don't see what you need, contact our SALES STAFF about customized solutions for your specific requirements.
Thank you for taking the time to visit our site. We want to do everything possible to make your experience a beneficial and productive one. Everyone at FLOTEK is devoted to making our products and service a valuable component of your business success. If there is anything you may need, please feel free to contact us.
2930 W. Sam Houston Pkwy. N.
Suite 300
Houston, TX 77043
email us
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