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FTK - Flotek Industries: A Transformational Point But Wait!
Flotek Industries Inc.
Flotek has recently entered into a transformational agreement with ProFrac Holdings.
The company has a weak balance sheet, unprofitable income statement, and negative cash flows.
The book value has been on a decline for years and the stock is trading at 6.8 times its book value.
I am neutral on the stock because even though the agreement has filled the stock with some upside, its lack of reliable financial performance makes it too risky.