Flotek Industries (NYSE:FTK) Reaches New 1-Year High – Should You Buy?

Flotek Industries, Inc. (NYSE:FTK) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $27.43 and last traded at $26.2830, with a volume of 564867 shares traded. The stock had previously closed at $26.77.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FTK shares. JonesTrading began coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price target for the company. Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Flotek Industries presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Trading Down 1.8%

The firm has a market capitalization of $950.92 million, a PE ratio of 33.70 and a beta of 1.43. The firm’s fifty day moving average is $22.06 and its two-hundred day moving average is $18.73. 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 issued its quarterly earnings data 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 firm had revenue of $70.05 million during the quarter, compared to the consensus estimate of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. On average, equities analysts predict that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insider Activity

In other news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Flotek Industries

Hedge funds have recently bought and sold shares of the business. Masters Capital Management LLC increased its position in shares of Flotek Industries by 8.9% during the 1st quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company’s stock valued at $18,488,000 after purchasing an additional 89,438 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Flotek Industries by 304.4% in the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after buying an additional 609,268 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Flotek Industries by 71.4% during 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 period. Royce & Associates LP grew its position in Flotek Industries by 41.6% during the fourth quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company’s stock valued at $8,738,000 after buying an additional 148,876 shares during the period. Finally, Invesco Ltd. purchased a new stake in Flotek Industries during the second quarter worth about $4,436,000. 10.90% of the stock is currently owned by institutional investors.

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.