Flotek Industries (NYSE:FTK) Now Covered by Analysts at Northland Securities

Northland Securities assumed coverage on shares of Flotek Industries (NYSE:FTK) in a research note released on Tuesday, Marketbeat reports. The firm issued a market perform rating and a $16.00 price objective on the oil and gas company’s stock.

A number of other analysts have also commented on the company. Singular Research raised Flotek Industries to a “moderate buy” rating in a research note on Monday, March 17th. Wall Street Zen downgraded Flotek Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Alliance Global Partners began coverage on shares of Flotek Industries in a report on Thursday, June 12th. They issued a “buy” rating and a $19.00 price target for the company. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Flotek Industries presently has an average rating of “Buy” and a consensus target price of $14.33.

Flotek Industries Price Performance

Flotek Industries stock opened at $14.86 on Tuesday. The firm has a market cap of $443.57 million, a PE ratio of 33.02 and a beta of 1.39. The stock’s fifty day moving average price is $11.53 and its two-hundred day moving average price is $9.53. Flotek Industries has a one year low of $3.79 and a one year high of $16.87.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.11. Flotek Industries had a net margin of 7.09% and a return on equity of 12.76%. The business had revenue of $55.36 million for the quarter, compared to analysts’ expectations of $44.50 million. Sell-side analysts expect that Flotek Industries will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In related news, Director Matthew Wilks acquired 103,514 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was bought at an average cost of $12.24 per share, with a total value of $1,267,011.36. Following the acquisition, the director now owns 144,350 shares of the company’s stock, valued at approximately $1,766,844. The trade was a 253.49% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have purchased 149,766 shares of company stock worth $1,841,758. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently made changes to their positions in FTK. 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. Renaissance Technologies LLC grew its holdings in Flotek Industries by 306.2% in the fourth quarter. Renaissance Technologies LLC now owns 85,700 shares of the oil and gas company’s stock worth $817,000 after purchasing an additional 64,600 shares during the period. Marshall Wace LLP bought a new position in Flotek Industries during the 4th quarter valued at approximately $454,000. Hillsdale Investment Management Inc. bought a new position in shares of Flotek Industries during the fourth quarter valued at $4,418,000. Finally, O Shaughnessy Asset Management LLC purchased a new position in Flotek Industries in the fourth quarter worth about $182,000. 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).