Alliance Global Partners Begins Coverage on Flotek Industries (NYSE:FTK)

Alliance Global Partners started coverage on shares of Flotek Industries (NYSE:FTK) in a research note published on Thursday, MarketBeat reports. The brokerage issued a buy rating and a $19.00 target price on the oil and gas company’s stock.

Separately, Singular Research upgraded Flotek Industries to a “moderate buy” rating in a report on Monday, March 17th. Three equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $13.50.

Flotek Industries Trading Down 2.3%

Shares of NYSE FTK opened at $16.00 on Thursday. The stock has a market cap of $477.57 million, a price-to-earnings ratio of 61.53 and a beta of 1.38. Flotek Industries has a 52 week low of $3.79 and a 52 week high of $16.87. The company’s 50-day moving average price is $11.18 and its 200 day moving average price is $9.43.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.11. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The business had revenue of $55.36 million for the quarter, compared to analyst estimates of $44.50 million. As a group, research analysts expect that Flotek Industries will post 0.29 earnings per share for the current year.

Insider Transactions at Flotek Industries

In related news, Director Matthew Wilks bought 103,514 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average cost of $12.24 per share, for a total transaction of $1,267,011.36. Following the acquisition, the director now owns 144,350 shares in the company, valued at $1,766,844. This represents a 253.49% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have bought a total of 149,766 shares of company stock worth $1,841,758 in the last three months. 3.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Flotek Industries

Hedge funds have recently modified their holdings of the stock. Hillsdale Investment Management Inc. acquired a new stake in Flotek Industries during the 4th quarter valued at approximately $4,418,000. Acuitas Investments LLC grew its stake in Flotek Industries by 18.6% during the 1st quarter. Acuitas Investments LLC now owns 321,925 shares of the oil and gas company’s stock valued at $2,682,000 after purchasing an additional 50,584 shares in the last quarter. Geode Capital Management LLC grew its stake in Flotek Industries by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company’s stock valued at $2,885,000 after purchasing an additional 5,056 shares in the last quarter. S Squared Technology LLC acquired a new stake in Flotek Industries during the 1st quarter valued at approximately $2,170,000. Finally, Truist Financial Corp grew its stake in Flotek Industries by 3.6% during the 4th quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company’s stock valued at $2,327,000 after purchasing an additional 8,500 shares in the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).