Flotek Industries (NYSE:FTK) Stock Price Up 10% – Still a Buy?

by · The Markets Daily

Flotek Industries, Inc. (NYSE:FTK – Get Free Report)’s share price shot up 10% during mid-day trading on Thursday . The stock traded as high as $25.44 and last traded at $25.51. 378,734 shares were traded during trading, an increase of 27% from the average session volume of 297,750 shares. The stock had previously closed at $23.20.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Flotek Industries currently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

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Flotek Industries Trading Up 7.5%

The firm has a market capitalization of $902.33 million, a price-to-earnings ratio of 32.24 and a beta of 1.43. The business’s 50 day moving average price is $17.71 and its 200-day moving average price is $17.01. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62.

Flotek Industries (NYSE:FTK – Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The business had revenue of $70.05 million during the quarter, compared to analysts’ expectations of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. Equities analysts forecast that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the transaction, the chief financial officer owned 115,324 shares of the company’s stock, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Flotek Industries

Several institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. purchased a new position in shares of Flotek Industries in the 3rd quarter valued at about $1,670,000. Hollow Brook Wealth Management LLC acquired a new stake in shares of Flotek Industries in the third quarter valued at about $1,393,000. Royce & Associates LP boosted its holdings in Flotek Industries by 44.4% during the third quarter. Royce & Associates LP now owns 358,249 shares of the oil and gas company’s stock worth $5,230,000 after buying an additional 110,192 shares in the last quarter. EVR Research LP purchased a new stake in Flotek Industries during the third quarter worth about $2,044,000. Finally, Navellier & Associates Inc. grew its position in Flotek Industries by 98.1% during the third quarter. Navellier & Associates Inc. now owns 82,529 shares of the oil and gas company’s stock worth $1,205,000 after buying an additional 40,868 shares during the period. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

About Flotek Industries

(Get Free Report)

Flotek Industries, Inc (NYSE: FTK) is a Houston-based oilfield services provider specializing in innovative chemical technologies for the upstream energy sector. The company develops, manufactures and markets specialty drilling fluids, completion fluids and production chemicals that enhance drilling efficiency, optimize well performance and mitigate operational risks. Flotek’s solutions are designed to improve drilling rates of penetration, reduce nonproductive time and address challenging downhole environments, including high-pressure/high-temperature wells and sour service conditions.

Flotek’s operations are organized into three core business segments: Drilling & Completion Fluids, Production Chemicals & Process Management, and Water Solutions.

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