Flotek Industries (NYSE:FTK) Cut to Buy at Wall Street Zen

Wall Street Zen cut shares of Flotek Industries (NYSE:FTK) from a strong-buy rating to a buy rating in a research report released on Saturday.

A number of other research firms also recently commented on FTK. Singular Research raised Flotek Industries to a “moderate buy” rating in a report on Monday, March 17th. Alliance Global Partners initiated coverage on Flotek Industries in a report on Thursday, June 12th. They issued a “buy” rating and a $19.00 target price for the company. Three research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Flotek Industries has a consensus rating of “Buy” and an average target price of $13.50.

Flotek Industries Price Performance

NYSE:FTK opened at $16.03 on Friday. The firm’s fifty day moving average price is $11.38 and its 200 day moving average price is $9.49. Flotek Industries has a 1-year low of $3.79 and a 1-year high of $16.87. The firm has a market cap of $478.62 million, a price-to-earnings ratio of 61.67 and a beta of 1.39.

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

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, Director Matthew Wilks bought 13,040 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was purchased at an average cost of $14.15 per share, for a total transaction of $184,516.00. Following the acquisition, the director now owns 157,390 shares of the company’s stock, valued at $2,227,068.50. The trade was a 9.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders acquired 149,766 shares of company stock valued at $1,841,758. 3.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flotek Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC acquired a new position in Flotek Industries during the fourth quarter worth about $42,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Flotek Industries during the fourth quarter worth about $57,000. Kathmere Capital Management LLC acquired a new position in Flotek Industries during the first quarter worth about $85,000. Balyasny Asset Management L.P. acquired a new position in Flotek Industries during the fourth quarter worth about $99,000. Finally, Algert Global LLC acquired a new position in Flotek Industries during the fourth quarter worth about $102,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

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).