HC Wainwright reissued their buy rating on shares of Fuel Tech (NASDAQ:FTEK) in a research note issued to investors on Thursday, AnalystRatings.com reports. HC Wainwright currently has a $1.75 price objective on the industrial products company’s stock.
“We are lowering our price target on FTEK to $1.75 from $2.00 previously, driven primarily by weaker-than-expected performance in the company’s Air Pollution Control (APC) business that has impacted overall performance so far in 2019 and is expected to weigh on revenue growth prospects over the next 12 -18 months. Management attributed the softness in APC revenues to delays and cancelations in securing contracts as well as loss of bids to competitors in a few cases. In line with this, the company’s backlog at the end of 2Q19 dropped to $8.0M compared to $12.2M at the end of 1Q19. Though management is anticipating new contract bookings to materialize in 2H19, we believe those will be largely recognized in 2020.”,” the firm’s analyst wrote.
Other research analysts have also issued reports about the stock. TheStreet lowered shares of Fuel Tech from a c- rating to a d+ rating in a research note on Thursday, July 25th. ValuEngine lowered shares of Fuel Tech from a buy rating to a hold rating in a research note on Monday, July 29th. Finally, Zacks Investment Research lowered shares of Fuel Tech from a buy rating to a hold rating in a research note on Friday, May 17th.
NASDAQ:FTEK opened at $0.89 on Thursday. Fuel Tech has a 1 year low of $0.81 and a 1 year high of $3.06. The firm’s fifty day simple moving average is $1.21 and its 200 day simple moving average is $1.60. The company has a current ratio of 3.00, a quick ratio of 2.64 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $22.25 million, a PE ratio of 15.34 and a beta of 1.15.
Fuel Tech (NASDAQ:FTEK) last posted its earnings results on Tuesday, August 13th. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.02). Fuel Tech had a negative net margin of 0.57% and a positive return on equity of 4.35%. The business had revenue of $9.79 million for the quarter, compared to analyst estimates of $12.11 million. As a group, analysts anticipate that Fuel Tech will post -0.12 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC grew its stake in Fuel Tech by 1,347.4% in the 2nd quarter. Acadian Asset Management LLC now owns 155,583 shares of the industrial products company’s stock valued at $218,000 after buying an additional 144,834 shares during the last quarter. US Bancorp DE grew its stake in Fuel Tech by 13.3% in the 1st quarter. US Bancorp DE now owns 243,476 shares of the industrial products company’s stock valued at $407,000 after buying an additional 28,616 shares during the last quarter. Essex Investment Management Co. LLC grew its position in Fuel Tech by 39.8% in the 2nd quarter. Essex Investment Management Co. LLC now owns 424,305 shares of the industrial products company’s stock worth $594,000 after purchasing an additional 120,746 shares during the last quarter. Vanguard Group Inc. grew its position in Fuel Tech by 12.5% in the 2nd quarter. Vanguard Group Inc. now owns 497,934 shares of the industrial products company’s stock worth $697,000 after purchasing an additional 55,215 shares during the last quarter. Finally, BlackRock Inc. grew its position in Fuel Tech by 9.3% in the 2nd quarter. BlackRock Inc. now owns 556,817 shares of the industrial products company’s stock worth $780,000 after purchasing an additional 47,552 shares during the last quarter. Institutional investors and hedge funds own 24.23% of the company’s stock.
About Fuel Tech
Fuel Tech, Inc provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through Air Pollution Control Technology and FUEL CHEM Technology segments. The Air Pollution Control Technology segment offers technologies to reduce nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary combustion sources by low and ultra-low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction systems; advanced selective catalytic reduction systems; NOxOUT CASCADE and NOxOUT-SCR processes; ULTRA technology; ammonia injection grid and graduated straightening grid systems; and flue gas conditioning systems.
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