Flotek Industries (NYSE:FTK) Shares Down 6.5% – Should You Sell?

Flotek Industries, Inc. (NYSE:FTK)’s stock price was down 6.5% during mid-day trading on Monday . The stock traded as low as $24.01 and last traded at $24.1730. Approximately 250,198 shares were traded during trading, a decline of 17% from the average session volume of 301,716 shares. The stock had previously closed at $25.84.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FTK shares. Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. JonesTrading started coverage on Flotek Industries in a research report on Thursday, July 9th. They set a “buy” rating and a $40.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.33.

Flotek Industries Price Performance

The stock has a market capitalization of $882.76 million, a price-to-earnings ratio of 31.10 and a beta of 1.43. The stock’s 50 day simple moving average is $23.24 and its 200-day simple moving average is $19.16. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62.

Flotek Industries (NYSE:FTK) last posted its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 EPS for the quarter, missing the consensus estimate 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%. On average, analysts expect that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insider Transactions at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its holdings in shares of Flotek Industries by 27.9% during the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after buying an additional 26,400 shares during the last quarter. Jane Street Group LLC increased its position in Flotek Industries by 88.5% during the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after acquiring an additional 47,018 shares during the period. Acadian Asset Management LLC acquired a new position in Flotek Industries during the 1st quarter valued at $332,000. Rhumbline Advisers raised its stake in Flotek Industries by 1,542.4% during the 2nd quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock valued at $319,000 after purchasing an additional 20,313 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Flotek Industries by 26.3% in the 2nd quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after purchasing an additional 8,139 shares during the period. 10.90% of the stock is owned by institutional investors.

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.