Analysts Set Flotek Industries, Inc. (NYSE:FTK) Price Target at $19.50

Flotek Industries, Inc. (NYSE:FTK) has earned a consensus recommendation of “Buy” from the five research firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $21.3333.

A number of equities analysts recently commented on FTK shares. Lake Street Capital started coverage on Flotek Industries in a research note on Thursday. They set a “buy” rating and a $25.00 price target for the company. Wall Street Zen downgraded Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Zacks Research raised shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Finally, Northland Securities reissued an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st.

Insider Buying and Selling

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction dated 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 transaction, the director owned 197,265 shares in the company, valued at approximately $2,901,768.15. This trade represents a 25.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

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

Flotek Industries Price Performance

FTK stock opened at $17.33 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77. The company’s fifty day moving average price is $16.69 and its 200-day moving average price is $14.77. Flotek Industries has a one year low of $6.05 and a one year high of $20.09. The company has a market capitalization of $520.82 million, a PE ratio of 19.47 and a beta of 1.45.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.05. The company had revenue of $56.03 million for the quarter, compared to the consensus estimate of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. On average, equities analysts anticipate that Flotek Industries will post 0.29 EPS for the current fiscal year.

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.