Flotek Industries (NYSE:FTK) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Flotek Industries, Inc. (NYSE:FTK) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.05 and traded as high as $17.75. Flotek Industries shares last traded at $17.4660, with a volume of 193,805 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently commented on FTK shares. Lake Street Capital began coverage on Flotek Industries in a research note on Thursday, January 29th. They set a “buy” rating and a $25.00 price objective for the company. Zacks Research lowered Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Northland Securities restated an “outperform” rating and set a $20.00 target price on shares of Flotek Industries in a report on Wednesday, December 31st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Flotek Industries has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Trading Down 0.9%

The company has a current ratio of 1.80, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $631.75 million, a P/E ratio of 21.04 and a beta of 1.45. The business has a 50 day moving average of $17.05 and a 200-day moving average of $16.05.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). The company had revenue of $67.52 million during the quarter, compared to the consensus estimate of $53.37 million. Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. Analysts anticipate that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CFO James Bond Clement sold 6,299 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total value of $100,909.98. Following the sale, the chief financial officer directly owned 122,837 shares in the company, valued at $1,967,848.74. The trade was a 4.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.02% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flotek Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in Flotek Industries by 3.6% in the 3rd quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock valued at $327,000 after acquiring an additional 770 shares in the last quarter. First Trust Advisors LP grew its stake in shares of Flotek Industries by 3.2% during the 4th quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock worth $749,000 after acquiring an additional 1,335 shares in the last quarter. Barclays PLC raised its holdings in shares of Flotek Industries by 6.5% in the fourth quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock valued at $383,000 after purchasing an additional 1,351 shares during the last quarter. Informed Momentum Co LLC raised its holdings in shares of Flotek Industries by 2.2% in the fourth quarter. Informed Momentum Co LLC now owns 63,959 shares of the oil and gas company’s stock valued at $1,102,000 after purchasing an additional 1,366 shares during the last quarter. Finally, Aristides Capital LLC lifted its position in shares of Flotek Industries by 4.6% in the fourth quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock worth $541,000 after purchasing an additional 1,390 shares in the last quarter. Institutional investors and hedge funds 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.