Flotek Industries (NYSE:FTK) Shares Gap Down on Disappointing Earnings

Shares of Flotek Industries, Inc. (NYSE:FTK) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $17.29, but opened at $14.95. Flotek Industries shares last traded at $17.5120, with a volume of 376,895 shares changing hands.

The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%.The company had revenue of $67.52 million during the quarter, compared to analysts’ expectations of $53.37 million.

Wall Street Analysts Forecast Growth

FTK has been the subject of a number of research reports. Zacks Research cut Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Northland Securities restated an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Lake Street Capital assumed coverage on Flotek Industries in a report on Thursday, January 29th. They set a “buy” rating and a $25.00 target price for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 6,299 shares of the company’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 owned 122,837 shares in the company, valued at $1,967,848.74. This represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FTK. Police & Firemen s Retirement System of New Jersey acquired a new position in Flotek Industries in the second quarter valued at approximately $50,000. Quarry LP increased its holdings in shares of Flotek Industries by 97.2% during the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after purchasing an additional 1,900 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Flotek Industries in the 2nd quarter valued at $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Flotek Industries in the 2nd quarter valued at $115,000. Finally, Deutsche Bank AG purchased a new stake in Flotek Industries during the fourth quarter worth $150,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Flotek Industries Price Performance

The stock has a market capitalization of $532.36 million, a PE ratio of 19.90 and a beta of 1.45. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. The stock’s fifty day moving average is $17.19 and its 200-day moving average is $15.69.

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.