Here's Why Flotek Industries Sank a Whopping 37.2% in August

Here's Why Flotek Industries Sank a Whopping 37.2% in August

Shares of oil and gas chemistry company Flotek Industries (NYSE: FTK) fell over 37% last month after the announcement of disappointing second-quarter 2017 earnings. While revenue grew both sequentially and year over year, the top and bottom lines missed Wall Street expectations. Worse, many other oil-field services companies have turned in steadily improving operations and share prices, which makes the fact that this company cannot seem to capture the rising tide all the more painful for shareholders. 

That said, there was some good news as well. Flotek Industries continued to make progress selling off low-margin businesses as part of management's strategy to refocus on higher-value core offerings. Additionally, later in the month the company announced that an ongoing Securities and Exchange Commission inquiry into its claims about its FracMax software and the efficacy of its Complex nano-Fluid (CnF) chemistry products was closed without further action being taken.

Nonetheless, shares maintained a steady slide throughout the entire month.

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Source: Fool.com