Flotek Industries (NYSE:FTK) Rating Lowered to Hold at Zacks Research

Flotek Industries (NYSE:FTK) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Wall Street Zen lowered Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Lake Street Capital started coverage on Flotek Industries in a research note on Thursday, January 29th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Northland Securities reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a research note on Wednesday, December 31st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Stock Down 3.3%

Shares of Flotek Industries stock opened at $17.53 on Tuesday. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36. The company’s fifty day simple moving average is $16.91 and its two-hundred day simple moving average is $14.89. The company has a market cap of $526.95 million, a P/E ratio of 19.70 and a beta of 1.44. Flotek Industries has a 12-month low of $6.05 and a 12-month high of $20.09.

Flotek Industries (NYSE:FTK) last posted its earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.15 by $0.05. The firm had revenue of $56.03 million during the quarter, compared to analysts’ expectations of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. Research analysts anticipate that Flotek Industries will post 0.29 EPS for the current year.

Insider Activity at Flotek Industries

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 197,265 shares in the company, valued at $2,901,768.15. This represents a 25.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 3.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flotek Industries

Several hedge funds have recently added to or reduced their stakes in FTK. Millennium Management LLC grew its position in Flotek Industries by 304.4% during the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock valued at $11,817,000 after purchasing an additional 609,268 shares during the last quarter. Invesco Ltd. purchased a new position in Flotek Industries in the second quarter worth about $4,436,000. Manatuck Hill Partners LLC bought a new position in shares of Flotek Industries in the third quarter worth approximately $3,854,000. UBS Group AG lifted its stake in shares of Flotek Industries by 512.8% in the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after buying an additional 194,951 shares in the last quarter. Finally, Simcoe Capital LLC purchased a new stake in shares of Flotek Industries during the fourth quarter valued at approximately $3,223,000. 10.90% of the stock is owned by institutional investors.

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.