Flotek Industries (NYSE:FTK) Trading Down 4% – Should You Sell?

Flotek Industries, Inc. (NYSE:FTK)’s share price dropped 4% during trading on Wednesday . The stock traded as low as $22.19 and last traded at $22.35. 93,030 shares traded hands during trading, a decline of 69% from the average daily volume of 299,094 shares. The stock had previously closed at $23.27.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Flotek Industries Stock Up 0.8%

The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The firm has a market cap of $819.98 million, a price-to-earnings ratio of 29.06 and a beta of 1.43. The firm has a 50-day moving average of $19.29 and a two-hundred day moving average of $17.76.

Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business had revenue of $70.05 million for the quarter, compared to the consensus estimate of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. As a group, sell-side analysts predict that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the sale, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Flotek Industries

A number of hedge funds have recently bought and sold shares of FTK. Masters Capital Management LLC increased its holdings in shares of Flotek Industries by 8.9% during the 1st quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company’s stock worth $18,488,000 after purchasing an additional 89,438 shares during the period. Sei Investments Co. lifted its stake in shares of Flotek Industries by 100.0% in the first quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company’s stock valued at $1,291,000 after buying an additional 38,038 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Flotek Industries by 71.4% in the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock valued at $11,736,000 after buying an additional 288,064 shares during the period. Principal Financial Group Inc. grew its position in Flotek Industries by 10.4% during the first quarter. Principal Financial Group Inc. now owns 80,480 shares of the oil and gas company’s stock worth $1,366,000 after buying an additional 7,564 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in Flotek Industries during the first quarter worth about $876,000. 10.90% of the stock is owned by institutional investors.

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.