Flotek Industries (NYSE:FTK) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of Flotek Industries, Inc. (NYSE:FTK) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $16.79 and traded as high as $21.46. Flotek Industries shares last traded at $21.06, with a volume of 255,966 shares traded.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FTK. Zacks Research lowered shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Finally, Lake Street Capital started coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a “buy” rating and a $25.00 price target on the stock. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

Flotek Industries Price Performance

The firm has a market cap of $722.23 million, a price-to-earnings ratio of 25.59 and a beta of 1.39. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The company’s 50-day moving average price is $17.29 and its 200-day moving average price is $16.83.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) 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 analyst estimates of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. On average, equities research analysts forecast that Flotek Industries, Inc. will post 0.6 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Flotek Industries

Hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 770 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Flotek Industries by 3.2% during the 4th quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock worth $749,000 after buying an additional 1,335 shares during the last quarter. Barclays PLC boosted its holdings in shares of Flotek Industries by 6.5% in the 4th quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock valued at $383,000 after buying an additional 1,351 shares in the last quarter. Informed Momentum Co LLC boosted its holdings in shares of Flotek Industries by 2.2% in the 4th quarter. Informed Momentum Co LLC now owns 63,959 shares of the oil and gas company’s stock valued at $1,102,000 after buying an additional 1,366 shares in the last quarter. Finally, Aristides Capital LLC grew its position in shares of Flotek Industries by 4.6% in the 4th quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock valued at $541,000 after buying an additional 1,390 shares during the last quarter. 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.