Flotek Industries (NYSE:FTK) Now Covered by Analysts at Lake Street Capital

Lake Street Capital initiated coverage on shares of Flotek Industries (NYSE:FTK) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set a “buy” rating and a $25.00 price target on the oil and gas company’s stock. Lake Street Capital’s target price would suggest a potential upside of 46.93% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Northland Securities restated an “outperform” rating and set a $20.00 target price on shares of Flotek Industries in a research report on Wednesday, December 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Zacks Research upgraded shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Finally, Wall Street Zen downgraded shares of Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Flotek Industries presently has an average rating of “Buy” and a consensus price target of $21.33.

Flotek Industries Price Performance

Shares of FTK opened at $17.02 on Thursday. The firm has a market capitalization of $511.47 million, a PE ratio of 19.12 and a beta of 1.45. The stock’s 50 day moving average is $16.52 and its two-hundred day moving average is $14.71. Flotek Industries has a twelve month low of $6.05 and a twelve month high of $20.09. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36.

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

Insider Activity at Flotek Industries

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $14.71, for a total value of $984,922.76. Following the completion of the transaction, the director owned 197,265 shares of the company’s stock, valued at $2,901,768.15. The trade was a 25.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.02% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Flotek Industries

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers increased its stake in Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 770 shares during the last quarter. Quarry LP lifted 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 worth $56,000 after acquiring an additional 1,900 shares during the period. Bank of America Corp DE boosted its position in shares of Flotek Industries by 3.8% in the third quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock worth $1,147,000 after acquiring an additional 2,861 shares during the last quarter. Ritholtz Wealth Management boosted its position in shares of Flotek Industries by 3.7% in the second quarter. Ritholtz Wealth Management now owns 81,027 shares of the oil and gas company’s stock worth $1,196,000 after acquiring an additional 2,901 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey purchased a new stake in Flotek Industries in the second quarter valued at approximately $50,000. 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.