Flotek Industries, Inc. (NYSE: FTK) received an unsolicited indication of interest for a potential transaction, for all or a part of the company. Further terms of the deal have been kept under wraps.
Flotek Industries, Inc. is a technology-driven company that develops chemistry and services solutions for the oil and gas industries, and other companies to improve their environmental, social, and governance (ESG) impact of energy on air, water, land and people.
Following the news, FTK shares gained almost 50% during the extended trading session on December 27.
Piper Sandler Appointed as Financial Advisor
The company’s Board has appointed Piper Sandler & Co. as a financial advisor to help in the evaluation of the unsolicited indication of interest.
The company stated that there is no assurance that the evaluation process will result in any transactions or other strategic change or outcome.
Furthermore, the company did not make any other comments or disclosures and has not set any timetable for the conclusion of its evaluation.
The stock has picked up a rating from one analyst in the past three months. Noble Financial analyst Michael Heim maintained a Buy rating on the Flotek price target of $2.50 (346.4% upside potential)
Investors’ Weigh In
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Flotek, with 10.4% of investors increasing their exposure to FTK stock over the past 30 days.