Flotek Industries, Inc. (NYSE:FTK) Receives Average Rating of “Moderate Buy” from Brokerages

Flotek Industries, Inc. (NYSE:FTK) has earned an average rating of “Moderate Buy” from the five brokerages that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $21.3333.

A number of equities research analysts have recently commented on FTK shares. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Lake Street Capital started coverage on shares of Flotek Industries in a report on Thursday, January 29th. They set a “buy” rating and a $25.00 price target on the stock. Northland Securities reiterated an “outperform” rating and set a $20.00 price target on shares of Flotek Industries in a report on Wednesday, December 31st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a report on Friday, March 27th.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 6,299 shares of Flotek Industries stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the completion of the sale, the chief financial officer directly owned 122,837 shares in the company, valued at $1,967,848.74. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is owned by corporate insiders.

Institutional Trading of Flotek Industries

A number of large investors have recently made changes to their positions in FTK. Millennium Management LLC grew its stake in shares of Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after acquiring an additional 609,268 shares during the period. Invesco Ltd. bought a new stake in shares of Flotek Industries in the second quarter worth approximately $4,436,000. Manatuck Hill Partners LLC bought a new stake in shares of Flotek Industries in the third quarter worth approximately $3,854,000. UBS Group AG grew its stake in shares of Flotek Industries by 512.8% in the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after acquiring an additional 194,951 shares during the period. Finally, Bard Associates Inc. bought a new stake in shares of Flotek Industries in the fourth quarter worth approximately $3,279,000. 10.90% of the stock is currently owned by institutional investors.

Flotek Industries Trading Down 3.9%

NYSE:FTK opened at $15.65 on Monday. The company’s 50 day moving average price is $16.65 and its 200-day moving average price is $16.44. Flotek Industries has a 52 week low of $6.20 and a 52 week high of $20.41. The company has a quick ratio of 1.63, a current ratio of 1.80 and a debt-to-equity ratio of 0.35. The stock has a market cap of $566.06 million, a price-to-earnings ratio of 18.86 and a beta of 1.46.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. The firm had revenue of $67.52 million for the quarter, compared to analysts’ expectations of $53.37 million. On average, equities research analysts forecast that Flotek Industries will post 0.29 earnings per share for the current fiscal year.

About Flotek Industries

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.