Flotek Industries (NYSE:FTK) Reaches New 52-Week High – Should You Buy?

Flotek Industries, Inc. (NYSE:FTK) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $20.56 and last traded at $20.3050, with a volume of 177866 shares. The stock had previously closed at $18.72.

Wall Street Analyst Weigh In

FTK has been the subject of several analyst reports. Lake Street Capital started coverage on Flotek Industries in a research report on Thursday, January 29th. They issued a “buy” rating and a $25.00 target price for the company. Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Price Performance

The stock has a market cap of $743.03 million, a price-to-earnings ratio of 26.33 and a beta of 1.39. The company has a 50 day simple moving average of $16.65 and a 200-day simple moving average of $16.56. 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 posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The firm had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. As a group, research analysts anticipate that Flotek Industries, Inc. will post 0.66 EPS for the current fiscal year.

Insider Activity at Flotek Industries

In related news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the sale, the chief financial officer owned 122,837 shares of the company’s stock, valued at $1,967,848.74. This trade represents a 4.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTK. Quarry LP lifted its holdings in Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Flotek Industries in the 2nd quarter worth approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Flotek Industries in the 2nd quarter worth approximately $115,000. Deutsche Bank AG acquired a new position in shares of Flotek Industries during the fourth quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC acquired a new position in shares of Flotek Industries during the fourth quarter valued at approximately $177,000. 10.90% of the stock is owned by institutional investors and hedge funds.

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.