Flotek Industries (NYSE:FTK) Now Covered by Alliance Global Partners

Alliance Global Partners started coverage on shares of Flotek Industries (NYSE:FTK) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $19.00 price objective on the oil and gas company’s stock.

Separately, Singular Research raised shares of Flotek Industries to a “moderate buy” rating in a research report on Monday, March 17th.

Flotek Industries Trading Down 1.3%

Shares of FTK opened at $16.33 on Thursday. The company has a market cap of $487.48 million, a price-to-earnings ratio of 62.81 and a beta of 1.38. Flotek Industries has a 1-year low of $3.79 and a 1-year high of $16.87. The company’s fifty day simple moving average is $10.99 and its 200 day simple moving average is $9.37.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.06 by $0.11. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. The firm had revenue of $55.36 million for the quarter, compared to the consensus estimate of $44.50 million. As a group, research analysts forecast that Flotek Industries will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Wilks bought 103,514 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was purchased at an average price of $12.24 per share, with a total value of $1,267,011.36. Following the completion of the acquisition, the director now owns 144,350 shares of the company’s stock, valued at $1,766,844. The trade was a 253.49% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders bought 149,766 shares of company stock valued at $1,841,758 over the last quarter. 3.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FTK. Acadian Asset Management LLC acquired a new position in shares of Flotek Industries in the first quarter valued at approximately $332,000. Jane Street Group LLC lifted its holdings in shares of Flotek Industries by 88.5% in the 1st quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after purchasing an additional 47,018 shares in the last quarter. S Squared Technology LLC bought a new position in shares of Flotek Industries in the 1st quarter worth $2,170,000. Goldman Sachs Group Inc. lifted its holdings in shares of Flotek Industries by 27.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after purchasing an additional 26,400 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of 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 purchasing an additional 55,543 shares in the last quarter. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Company Profile

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).