Flotek Industries (NYSE:FTK) Trading Down 3.2% – Here’s What Happened

Flotek Industries, Inc. (NYSE:FTK) dropped 3.2% during trading on Wednesday . The stock traded as low as $17.94 and last traded at $17.89. Approximately 97,050 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 397,673 shares. The stock had previously closed at $18.48.

Analyst Ratings Changes

FTK has been the subject of several analyst reports. Wall Street Zen downgraded Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $17.50.

Flotek Industries Stock Performance

The stock has a market cap of $540.93 million, a P/E ratio of 20.22 and a beta of 1.46. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. The company has a fifty day moving average of $15.68 and a 200 day moving average of $14.23.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.05. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%.The company had revenue of $56.03 million for the quarter, compared to analysts’ expectations of $52.90 million. On average, equities analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Flotek Industries

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction that occurred 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 owned 197,265 shares of the company’s stock, valued at $2,901,768.15. The trade was a 25.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 3.02% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in FTK. Goldman Sachs Group Inc. grew its stake in Flotek Industries by 27.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock valued at $1,007,000 after acquiring an additional 26,400 shares in the last quarter. Truist Financial Corp grew its position in Flotek Industries by 11.7% during the second quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company’s stock valued at $3,885,000 after purchasing an additional 27,473 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Flotek Industries in the 2nd quarter valued at approximately $371,000. Cubist Systematic Strategies LLC lifted its position in Flotek Industries by 130.1% in the 1st quarter. Cubist Systematic Strategies LLC now owns 98,248 shares of the oil and gas company’s stock worth $818,000 after buying an additional 55,543 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in Flotek Industries in the 1st quarter worth approximately $258,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

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.