Flotek Industries (NYSE:FTK) Shares Up 6.5% – Time to Buy?

Flotek Industries, Inc. (NYSE:FTK) shares traded up 6.5% during trading on Friday . The stock traded as high as $35.79 and last traded at $36.6450. 90,636 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 325,453 shares. The stock had previously closed at $34.41.

Analysts Set New Price Targets

A number of analysts recently weighed in on FTK shares. Weiss Ratings restated a “buy (b-)” rating on shares of Flotek Industries in a research note on Friday, August 7th. JonesTrading began coverage on Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Flotek Industries Trading Up 4.7%

The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31. The business’s fifty day moving average is $25.91 and its 200 day moving average is $20.45. The stock has a market cap of $1.31 billion, a PE ratio of 36.27 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The company had revenue of $99.37 million during the quarter, compared to analysts’ expectations of $69.51 million. As a group, analysts predict that Flotek Industries, Inc. will post 0.7 earnings per share for the current year.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the company’s 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 sale, the chief financial officer owned 115,324 shares in the company, valued at $2,315,705.92. This represents a 9.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Flotek Industries

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