Flotek Industries (NYSE:FTK) Hits New 12-Month High – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) hit a new 52-week high on Thursday . The company traded as high as $27.43 and last traded at $26.2830, with a volume of 564867 shares. The stock had previously closed at $26.77.

Wall Street Analysts Forecast Growth

FTK has been the subject of a number of research analyst reports. JonesTrading began coverage on Flotek Industries in a research report on Thursday, July 9th. They set a “buy” rating and a $40.00 price target for the company. Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Price Performance

The company has a market capitalization of $944.84 million, a PE ratio of 33.48 and a beta of 1.43. 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 firm’s 50-day moving average is $22.46 and its 200-day moving average is $18.84.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The firm had revenue of $70.05 million for the quarter, compared to analysts’ expectations of $63.08 million. Equities 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 related news, CFO James Bond Clement sold 12,554 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the transaction, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. This trade represents a 9.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP lifted its holdings in shares of Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after acquiring an additional 1,900 shares during the last quarter. New York State Common Retirement Fund bought a new position in shares of Flotek Industries during the 2nd quarter valued at $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Flotek Industries during the 2nd quarter valued at $115,000. Deutsche Bank AG purchased a new position in Flotek Industries in the 4th quarter worth $150,000. Finally, Mangrove Partners IM LLC purchased a new position in Flotek Industries in the 4th quarter worth $177,000. 10.90% of the stock is currently 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.