Why Flotek Industries Stock Is Soaring Today

Flotek Industries Inc FTK is trading higher Tuesday after the company announced it received an unsolicited indication of interest for a potential transaction for all or part of the company.

Flotek said it engaged Piper Sandler & Co as a financial advisor to assist with the evaluation process. The company noted that there are no assurances that the evaluation will result in one or more transactions or other strategic changes or outcomes.

Flotek did not provide a time frame for the conclusion of its evaluation of the offer. The company doesn't intend to update shareholders unless a specific course of action is approved. 

Flotek delivers chemistry-based technology solutions for energy, industrial and consumer applications. The company develops and supplies chemistry and services to the oil and gas industries, as well as high-value compounds to companies that make food and beverages, cleaning products, cosmetics and more.

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FTK Price Action: Flotek has traded as high as $2.74 and as low as 53 cents over a 52-week period.

The stock was up 55.40% at 87 cents Tuesday afternoon.

Photo: PublicDomainPictures from Pixabay.