Flotek Industries (NYSE:FTK) Issues Quarterly Earnings Results

Flotek Industries (NYSE:FTK) announced its earnings results on Tuesday. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01), FiscalAI reports. The business had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a return on equity of 21.32% and a net margin of 12.87%.

Flotek Industries Trading Up 1.5%

Flotek Industries stock traded up $0.25 during trading on Tuesday, reaching $16.90. The company had a trading volume of 272,099 shares, compared to its average volume of 195,758. Flotek Industries has a 12-month low of $7.01 and a 12-month high of $20.41. The stock’s 50 day moving average price is $16.53 and its two-hundred day moving average price is $16.51. The firm has a market capitalization of $611.09 million, a price-to-earnings ratio of 20.36 and a beta of 1.39. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 1.80.

Wall Street Analyst Weigh In

FTK has been the subject of a number of research reports. Lake Street Capital began coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a “buy” rating and a $25.00 target price for the company. Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $21.33.

Insider Transactions at Flotek Industries

In related news, CFO James Bond Clement sold 6,299 shares of the business’s 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 approximately $1,967,848.74. The trade was a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

Institutional investors have recently bought and sold shares of the business. Quarry LP grew its stake in Flotek Industries by 97.2% during the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after buying an additional 1,900 shares during the period. New York State Common Retirement Fund purchased a new stake in Flotek Industries during the second quarter worth approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Flotek Industries during the second quarter worth approximately $115,000. Deutsche Bank AG purchased a new stake in Flotek Industries during the fourth quarter worth approximately $150,000. Finally, Mangrove Partners IM LLC acquired a new position in shares of Flotek Industries during the fourth quarter worth $177,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

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.