Flotek Industries (NYSE:FTK) Reaches New 1-Year High – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $20.70 and last traded at $20.4860, with a volume of 30824 shares traded. The stock had previously closed at $19.90.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTK. Lake Street Capital began coverage on Flotek Industries in a report on Thursday, January 29th. They set a “buy” rating and a $25.00 price target for the company. Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Finally, Zacks Research cut Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

Flotek Industries Trading Up 2.1%

The company has a market cap of $735.21 million, a P/E ratio of 26.14 and a beta of 1.39. The business has a fifty day moving average price of $16.90 and a 200-day moving average price of $16.66. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The firm had revenue of $70.05 million for the quarter, compared to the consensus estimate of $63.08 million. On average, analysts forecast that Flotek Industries, Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the sale, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Masters Capital Management LLC raised its position in shares of Flotek Industries by 8.9% in the first quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company’s stock valued at $18,488,000 after buying an additional 89,438 shares in the last quarter. Millennium Management LLC raised its position in shares of Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock valued at $11,817,000 after buying an additional 609,268 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Flotek Industries by 71.4% in the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock valued at $11,736,000 after buying an additional 288,064 shares in the last quarter. Royce & Associates LP raised its position in shares of Flotek Industries by 41.6% in the fourth quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company’s stock valued at $8,738,000 after buying an additional 148,876 shares in the last quarter. Finally, Invesco Ltd. acquired a new stake in shares of Flotek Industries in the second quarter valued at approximately $4,436,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.