Flotek Industries (NYSE:FTK) Rating Lowered to “Buy” at Wall Street Zen

Flotek Industries (NYSE:FTK) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

A number of other research analysts have also recently commented on FTK. Singular Research upgraded shares of Flotek Industries to a “moderate buy” rating in a research report on Monday, March 17th. Alliance Global Partners began coverage on shares of Flotek Industries in a research report on Thursday. They set a “buy” rating and a $19.00 price target on the stock. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Flotek Industries presently has an average rating of “Buy” and a consensus target price of $13.50.

Flotek Industries Trading Down 2.3%

FTK stock opened at $16.00 on Friday. The company’s 50 day moving average is $11.18 and its 200 day moving average is $9.42. The stock has a market cap of $477.57 million, a price-to-earnings ratio of 61.53 and a beta of 1.38. Flotek Industries has a 1-year low of $3.79 and a 1-year high of $16.87.

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

Insider Buying and Selling at Flotek Industries

In related news, Director Matthew Wilks acquired 32,810 shares of the company’s stock in a transaction dated Friday, May 9th. The stock was purchased at an average price of $11.71 per share, with a total value of $384,205.10. Following the completion of the purchase, the director now owns 72,006 shares in the company, valued at $843,190.26. This trade represents a 83.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have acquired 149,766 shares of company stock worth $1,841,758 over the last ninety days. Insiders own 3.02% of the company’s stock.

Institutional Trading of Flotek Industries

A number of institutional investors have recently made changes to their positions in the stock. Hillsdale Investment Management Inc. purchased a new stake in shares of Flotek Industries during the fourth quarter valued at approximately $4,418,000. Acuitas Investments LLC boosted its stake in shares of Flotek Industries by 18.6% during the first quarter. Acuitas Investments LLC now owns 321,925 shares of the oil and gas company’s stock valued at $2,682,000 after purchasing an additional 50,584 shares during the period. Geode Capital Management LLC boosted its stake in shares of Flotek Industries by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company’s stock valued at $2,885,000 after purchasing an additional 5,056 shares during the period. S Squared Technology LLC purchased a new stake in shares of Flotek Industries during the first quarter valued at approximately $2,170,000. Finally, Truist Financial Corp boosted its stake in shares of Flotek Industries by 3.6% during the fourth quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company’s stock valued at $2,327,000 after purchasing an additional 8,500 shares during the period. Hedge funds and other institutional investors own 10.90% of the company’s stock.

About Flotek Industries

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).