Flotek Industries (NYSE:FTK) Stock Rating Upgraded by Zacks Research

Flotek Industries (NYSE:FTK) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts have also issued reports on the company. Northland Securities reissued an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a report on Wednesday, December 31st. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Finally, Wall Street Zen cut shares of Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $19.50.

Flotek Industries Stock Performance

Shares of FTK opened at $19.38 on Monday. The firm has a fifty day moving average of $16.08 and a 200-day moving average of $14.41. The company has a market cap of $582.47 million, a price-to-earnings ratio of 21.77 and a beta of 1.45. 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 has a 1 year low of $6.05 and a 1 year high of $20.09.

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 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 firm had revenue of $56.03 million for the quarter, compared to the consensus estimate of $52.90 million. As a group, equities analysts anticipate that Flotek Industries will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Flotek Industries

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

Hedge Funds Weigh In On Flotek Industries

Several hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its holdings in shares of Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 770 shares in the last quarter. Quarry LP raised its position in shares of Flotek Industries by 97.2% during the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares during the period. Bank of America Corp DE lifted its holdings in shares of Flotek Industries by 3.8% during the third quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock valued at $1,147,000 after purchasing an additional 2,861 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in shares of Flotek Industries by 3.7% during the second quarter. Ritholtz Wealth Management now owns 81,027 shares of the oil and gas company’s stock valued at $1,196,000 after purchasing an additional 2,901 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Flotek Industries in the 2nd quarter valued at $50,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

About Flotek Industries

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.