Flotek Industries (NYSE:FTK) Stock Price Down 4% – What’s Next?

Flotek Industries, Inc. (NYSE:FTK) fell 4% during trading on Wednesday . The company traded as low as $22.19 and last traded at $22.35. 93,030 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 299,094 shares. The stock had previously closed at $23.27.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.50.

Flotek Industries Trading Down 1.6%

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62. The company has a market cap of $828.34 million, a price-to-earnings ratio of 29.35 and a beta of 1.43. The business’s 50-day simple moving average is $19.00 and its 200-day simple moving average is $17.64.

Flotek Industries (NYSE:FTK) last announced its earnings results 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). The business had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. Research analysts predict that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Transactions at Flotek Industries

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the transaction, the chief financial officer 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

A number of institutional investors have recently modified their holdings of FTK. 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 during the last quarter. Invesco Ltd. acquired a new position in shares of Flotek Industries in the second quarter valued at approximately $4,436,000. 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 during the last quarter. Manatuck Hill Partners LLC acquired a new position in Flotek Industries during the third quarter worth approximately $3,854,000. Finally, UBS Group AG increased its position in Flotek Industries by 512.8% during the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after purchasing an additional 194,951 shares during the last quarter. 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.