Northland Capmk Upgrades Flotek Industries (NYSE:FTK) to Hold

Flotek Industries (NYSE:FTK) was upgraded by analysts at Northland Capmk to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other research analysts have also weighed in on the company. Wall Street Zen lowered Flotek Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 14th. Alliance Global Partners began coverage on Flotek Industries in a research report on Thursday, June 12th. They issued a “buy” rating and a $19.00 target price on the stock. Singular Research raised Flotek Industries to a “moderate buy” rating in a research report on Monday, March 17th. Finally, Northland Securities assumed coverage on Flotek Industries in a research report on Tuesday. They issued a “market perform” rating and a $16.00 target price on the stock. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.33.

Flotek Industries Stock Performance

Shares of FTK opened at $14.38 on Tuesday. The company has a market capitalization of $429.18 million, a price-to-earnings ratio of 31.95 and a beta of 1.39. The company’s 50 day simple moving average is $11.68 and its 200 day simple moving average is $9.56. Flotek Industries has a 1 year low of $3.79 and a 1 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 the consensus estimate of $0.06 by $0.11. The business had revenue of $55.36 million for the quarter, compared to the consensus estimate of $44.50 million. Flotek Industries had a net margin of 7.09% and a return on equity of 12.76%. Equities analysts expect that Flotek Industries will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flotek Industries news, Director Matthew Wilks purchased 103,514 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was acquired 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. This represents a 253.49% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders purchased a total of 149,766 shares of company stock valued at $1,841,758 in the last ninety days. Corporate insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FTK. Informed Momentum Co LLC lifted its position in Flotek Industries by 1.4% in the 1st quarter. Informed Momentum Co LLC now owns 100,105 shares of the oil and gas company’s stock valued at $834,000 after purchasing an additional 1,380 shares during the last quarter. Jefferies Financial Group Inc. lifted its position in Flotek Industries by 3.2% in the 1st quarter. Jefferies Financial Group Inc. now owns 51,581 shares of the oil and gas company’s stock valued at $430,000 after purchasing an additional 1,581 shares during the last quarter. Bridgeway Capital Management LLC lifted its position in Flotek Industries by 5.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 72,259 shares of the oil and gas company’s stock valued at $689,000 after purchasing an additional 3,600 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in Flotek Industries in the 4th quarter valued at about $42,000. Finally, Geode Capital Management LLC lifted its position in Flotek Industries by 1.7% in the 4th 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 last quarter. 10.90% of the stock is owned by institutional investors and hedge funds.

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).