Flotek Industries (NYSE:FTK) Trading Down 8.7% – Time to Sell?
by Danessa Lincoln · The Markets DailyFlotek Industries, Inc. (NYSE:FTK – Get Free Report)’s share price dropped 8.7% during mid-day trading on Thursday . The stock traded as low as $17.56 and last traded at $17.38. Approximately 147,954 shares traded hands during trading, a decline of 59% from the average daily volume of 356,902 shares. The stock had previously closed at $19.04.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on FTK shares. Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Zacks Research raised Flotek Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Finally, Northland Securities reissued an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Flotek Industries currently has a consensus rating of “Buy” and a consensus target price of $19.50.
Check Out Our Latest Report on FTK
Flotek Industries Stock Performance
The company has a 50 day moving average price of $16.11 and a 200 day moving average price of $14.49. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77. The company has a market capitalization of $536.12 million, a price-to-earnings ratio of 20.04 and a beta of 1.45.
Flotek Industries (NYSE:FTK – Get Free Report) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%.The firm had revenue of $56.03 million during the quarter, compared to analysts’ expectations of $52.90 million. Equities research analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Flotek Industries news, Director Harshavardhan V. Agadi sold 66,956 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $14.71, for a total value of $984,922.76. Following the transaction, the director directly owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This trade represents a 25.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.02% of the company’s stock.
Institutional Investors Weigh In On Flotek Industries
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey acquired a new position in Flotek Industries during the 2nd quarter valued at about $50,000. Quarry LP lifted its holdings in shares of Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after purchasing an additional 1,900 shares in the last quarter. New York State Common Retirement Fund purchased a new position in shares of Flotek Industries during the second quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Flotek Industries during the second quarter worth $115,000. Finally, D Orazio & Associates Inc. purchased a new stake in Flotek Industries in the 2nd quarter valued at $153,000. Institutional investors and hedge funds own 10.90% of the company’s stock.
Flotek Industries Company Profile
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.