Flotek Industries, Inc. (NYSE:FTK) Receives Average Rating of “Buy” from Brokerages

Flotek Industries, Inc. (NYSE:FTK) has been given an average recommendation of “Buy” by the four analysts that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $19.50.

A number of equities research analysts recently weighed in on the stock. Zacks Research raised shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Wall Street Zen cut shares of Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Finally, Northland Securities reiterated an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a research note on Wednesday, December 31st.

Flotek Industries Stock Performance

Flotek Industries stock opened at $17.60 on Wednesday. The firm has a market capitalization of $529.03 million, a PE ratio of 19.77 and a beta of 1.45. Flotek Industries has a one year low of $6.05 and a one year high of $20.09. The stock’s 50 day moving average price is $16.47 and its 200 day moving average price is $14.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.05. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. The company had revenue of $56.03 million during the quarter, compared to the consensus estimate of $52.90 million. As a group, sell-side analysts expect that Flotek Industries will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the completion of the transaction, the director directly owned 197,265 shares in the company, valued at approximately $2,901,768.15. This represents a 25.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.02% of the stock is currently owned by insiders.

Institutional Trading of Flotek Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC lifted its position in shares of Flotek Industries by 304.4% in the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after buying an additional 609,268 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Flotek Industries by 55.9% in the second quarter. Geode Capital Management LLC now owns 485,413 shares of the oil and gas company’s stock worth $7,167,000 after acquiring an additional 174,144 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Flotek Industries by 31.6% in the third quarter. Dimensional Fund Advisors LP now owns 425,579 shares of the oil and gas company’s stock worth $6,213,000 after acquiring an additional 102,136 shares during the last quarter. Royce & Associates LP boosted its stake in Flotek Industries by 44.4% in the third quarter. Royce & Associates LP now owns 358,249 shares of the oil and gas company’s stock valued at $5,230,000 after acquiring an additional 110,192 shares during the period. Finally, Invesco Ltd. bought a new position in shares of Flotek Industries during the second quarter valued at approximately $4,436,000. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Company Profile

Flotek Industries, Inc (NYSE: FTK) is a Houston-based oilfield services provider specializing in innovative chemical technologies for the upstream energy sector. The company develops, manufactures and markets specialty drilling fluids, completion fluids and production chemicals that enhance drilling efficiency, optimize well performance and mitigate operational risks. Flotek’s solutions are designed to improve drilling rates of penetration, reduce nonproductive time and address challenging downhole environments, including high-pressure/high-temperature wells and sour service conditions.

Flotek’s operations are organized into three core business segments: Drilling & Completion Fluids, Production Chemicals & Process Management, and Water Solutions.