Flotek Industries (NYSE:FTK) Stock Crosses Above 200 Day Moving Average – What’s Next?

Flotek Industries, Inc. (NYSE:FTK) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.80 and traded as high as $14.68. Flotek Industries shares last traded at $14.67, with a volume of 473,841 shares changing hands.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Northland Securities assumed coverage on shares of Flotek Industries in a research note on Tuesday, June 17th. They set a “market perform” rating and a $16.00 price target on the stock. Northland Capmk upgraded shares of Flotek Industries to a “hold” rating in a report on Tuesday, June 17th. Alliance Global Partners assumed coverage on shares of Flotek Industries in a report on Thursday, June 12th. They issued a “buy” rating and a $19.00 price objective on the stock. Wall Street Zen lowered shares of Flotek Industries from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 14th. Finally, Singular Research upgraded shares of Flotek Industries to a “moderate buy” rating in a report on Monday, March 17th. Two analysts have 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.33.

Flotek Industries Stock Up 2.3%

The company’s fifty day simple moving average is $12.61 and its two-hundred day simple moving average is $9.80. The company has a market capitalization of $437.99 million, a price-to-earnings ratio of 32.61 and a beta of 1.39.

Flotek Industries (NYSE:FTK) last posted its earnings results 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 analyst estimates of $44.50 million. Flotek Industries had a net margin of 7.09% and a return on equity of 12.76%. Equities research analysts expect that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other Flotek Industries news, Director Matthew Wilks bought 13,040 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average price of $14.15 per share, with a total value of $184,516.00. Following the completion of the transaction, the director now owns 157,390 shares in the company, valued at approximately $2,227,068.50. This trade represents a 9.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have purchased a total of 149,766 shares of company stock worth $1,841,758 over the last ninety days. Company insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Truist Financial Corp raised its stake in Flotek Industries by 3.6% in the 4th quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company’s stock worth $2,327,000 after purchasing an additional 8,500 shares in the last quarter. Renaissance Technologies LLC raised its stake in Flotek Industries by 306.2% in the 4th 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 in the last quarter. Marshall Wace LLP acquired a new stake in Flotek Industries in the 4th quarter worth about $454,000. O Shaughnessy Asset Management LLC acquired a new stake in Flotek Industries in the 4th quarter worth about $182,000. Finally, Hillsdale Investment Management Inc. acquired a new stake in Flotek Industries in the 4th quarter worth about $4,418,000. 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).