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Flotek Industries, Inc. (FTK) develops and supplies drilling, completion, and production technologies and related services in the United States and internationally.
Its Energy Chemical Technologies segment designs, develops, manufactures, packages, and markets specialty chemicals used in oil and gas well drilling, cementing, completion, stimulation and production. This segment also constructs and manages automated material handling facilities; and manages loading facilities and blending operations for oilfield services companies. The companys Consumer and Industrial Chemicals Technologies segment develops, manufactures, and processes citrus oil products for the flavor and fragrance industry and specialty chemical industry, as well as for beverage and food companies, and companies providing household and industrial cleaning products.
Its Drilling Technologies segment manufactures, sells, rents, and inspects down-hole drilling equipment used in energy, mining, water well, and industrial drilling activities, as well as provides specialized equipment used in drilling, completion, production, and work-over activities. This segment also rents tools, such as stabilizers, drill collars, reamers, wipers, jars, shock subs, wireless survey, measurement while drilling tools, and mud-motors; and sells equipment comprising mining equipment, cementing accessories, and drilling motor components. The companys Artificial Lift Technologies segment assembles and markets artificial lift equipment, including the Petrovalve product line of rod pump components, electric submersible pumps, gas separators, and valves, as well as provides services that support natural gas, oil, and coal bed methane production activities.
It serves oil field service providers, pressure-pumping service companies, onshore and offshore drilling contractors, and state-owned oil companies, as well as oil and gas exploration and production companies.
Shares have formed a bullish "cup and handle" and higher share prices are expected for this stock.
52-Week Trading Range: $15.94 to $30.78
Entry Point: $29.00
Stop Loss: $27.55
Target Price: $31.90
Taking profits on FTK after it reached our target price. Closed at $31.99.
