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Your Flotek Breakdown: Valuations, Targets, and More

PART:
1 2 3 4 5 6 7
Part 5
Your Flotek Breakdown: Valuations, Targets, and More PART 5 OF 7

Who’s Shorting Flotek: Short Interest in FTK as of June 30

Short interest in Flotek Industries

Short interest in Flotek Industries (FTK) as a percentage of float was 24.5% as of June 30, 2017, compared with 25.1% as of March 31, 2017. Since the end of 1Q17, short interest in FTK has fallen 3%. Remember, if short interest as a percentage of float rises, it indicates that more investors expect the stock’s price to fall.

As noted in the graph below, FTK’s stock price and short interest as a percentage of float have largely been inversely related since June 2015, except during the period from December 2015 to November 2016. From December 2015 to November 2016, short interest in FTK moved nearly in lockstep with FTK’s stock price.

Who&#8217;s Shorting Flotek: Short Interest in FTK as of June 30

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Did crude oil price affect investors’ sentiment?

In 2016, the WTI (West Texas Intermediate) crude oil price rose 45%, while FTK’s stock price fell 15%. However, crude oil prices have turned bearish since March 2017, falling 16% from March 1 until June 30.

Meanwhile, investors’ sentiment toward the energy market has also become weak, and this has sent many oilfield service companies’ stock prices south over the past four months.

Short interest in Flotek’s peers

Since March 31, 2017, short interest in Superior Energy Services (SPN) has risen 21%, while SPN’s stock price has fallen 27%. Short interest in CARBO Ceramics (CRR) has grown 45% since March 31, 2017, while its stock price has fallen 47%. Short interest in Fairmount Santrol Holdings (FMSA) has risen 52% since March 31, while its stock price has fallen 47% during this period.

FTK makes up only 0.03% of the iShares Russell 2000 ETF (IWM). IWM has risen 23% in the past year, compared with the 32% fall in FTK’s stock price during the same period. Since March 31, 2017, FTK’s stock price has fallen ~30%.

In the next part, we’ll discuss Flotek’s correlation with crude oil prices over the past three years.

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