Flotek Industries (NYSE:FTK) Shares Down 6.7% – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) shares dropped 6.7% on Wednesday . The company traded as low as $25.08 and last traded at $25.2150. 565,671 shares changed hands during mid-day trading, an increase of 60% from the average session volume of 352,646 shares. The stock had previously closed at $27.02.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTK. JonesTrading began coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They set a “buy” rating and a $40.00 price objective for the company. Weiss Ratings restated a “buy (b-)” rating on shares of Flotek Industries in a research report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Price Performance

The company has a 50 day moving average price of $26.36 and a 200-day moving average price of $20.83. The company has a market cap of $896.45 million, a price-to-earnings ratio of 25.00 and a beta of 1.43. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31.

Flotek Industries (NYSE:FTK) last posted its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The business had revenue of $99.37 million for the quarter, compared to the consensus estimate of $69.51 million. As a group, equities research analysts predict that Flotek Industries, Inc. will post 0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Flotek Industries

A number of hedge funds have recently modified their holdings of FTK. Kornitzer Capital Management Inc. KS acquired a new position in Flotek Industries during the 1st quarter worth about $876,000. Sei Investments Co. boosted its position in shares of Flotek Industries by 100.0% during the 1st quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company’s stock worth $1,291,000 after purchasing an additional 38,038 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Flotek Industries by 71.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock worth $11,736,000 after purchasing an additional 288,064 shares in the last quarter. Masters Capital Management LLC grew its stake in shares of Flotek Industries by 8.9% in 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 buying an additional 89,438 shares during the period. Finally, Bard Associates Inc. acquired a new stake in shares of Flotek Industries in the 4th quarter valued at about $3,279,000. 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.