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

Flotek Industries, Inc. (NYSE:FTK)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $20.41 and last traded at $18.5190, with a volume of 179378 shares changing hands. The stock had previously closed at $18.36.

Analysts Set New Price Targets

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

Flotek Industries Price Performance

The stock has a 50 day moving average of $17.21 and a two-hundred day moving average of $15.71. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77. The firm has a market capitalization of $543.24 million, a P/E ratio of 21.77 and a beta of 1.45.

Flotek Industries (NYSE:FTK) last announced its earnings results on Wednesday, March 11th. 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 21.97% and a net margin of 12.87%.The company had revenue of $67.52 million for the quarter, compared to the consensus estimate of $53.37 million. Sell-side analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO James Bond Clement sold 6,299 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer directly owned 122,837 shares in the company, valued at approximately $1,967,848.74. This trade represents a 4.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

A number of hedge funds have recently bought and sold shares of FTK. Millennium Management LLC lifted its position in shares of Flotek Industries by 304.4% during the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after purchasing an additional 609,268 shares during the last quarter. Invesco Ltd. bought a new position in Flotek Industries in the 2nd quarter worth approximately $4,436,000. Manatuck Hill Partners LLC acquired a new position in shares of Flotek Industries during the third quarter worth approximately $3,854,000. UBS Group AG boosted its position in shares of Flotek Industries by 512.8% in the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock valued at $3,401,000 after acquiring an additional 194,951 shares during the period. Finally, Bard Associates Inc. acquired a new stake in shares of Flotek Industries in the fourth quarter worth $3,279,000. 10.90% of the stock is currently 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.