Flotek Industries (NYSE:FTK) Stock Jumps 5.6% – Here’s What Happened

Shares of Flotek Industries, Inc. (NYSE:FTK) were up 5.6% during trading on Tuesday. The stock traded as high as $26.80 and last traded at $27.0950. Approximately 52,522 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 380,847 shares. The stock had previously closed at $25.65.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FTK shares. Lake Street Capital lifted their price objective on Flotek Industries from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. JonesTrading began coverage on Flotek Industries in a report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price target for the company. Finally, Weiss Ratings lowered shares of Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 2nd. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.67.

Flotek Industries Stock Performance

The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $972.65 million, a price-to-earnings ratio of 27.11 and a beta of 1.42. The company has a 50-day moving average price of $28.54 and a 200-day moving average price of $23.47.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%. The company had revenue of $99.37 million for the quarter, compared to analyst estimates of $69.51 million. As a group, equities research analysts forecast that Flotek Industries, Inc. will post 0.76 earnings per share for the current year.

Insider Transactions at Flotek Industries

In other news, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $26.01, for a total value of $60,000,024.06. Following the completion of the sale, the insider directly owned 3,693,194 shares of the company’s stock, valued at approximately $96,059,975.94. This represents a 38.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Wilks acquired 1,319,493 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was bought at an average price of $26.01 per share, with a total value of $34,320,012.93. Following the completion of the acquisition, the director directly owned 1,477,285 shares of the company’s stock, valued at approximately $38,424,182.85. This represents a 836.22% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.40% of the stock is currently owned by insiders.

Institutional Trading of Flotek Industries

Several institutional investors have recently modified their holdings of FTK. Thompson Davis & CO. Inc. bought a new position in Flotek Industries during the first quarter valued at about $272,000. AWM Investment Company Inc. bought a new stake in Flotek Industries in the second quarter worth about $706,000. Aristides Capital LLC raised its position in Flotek Industries by 4.6% in the fourth quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock worth $541,000 after acquiring an additional 1,390 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Flotek Industries in the 2nd quarter valued at about $1,160,000. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in Flotek Industries in the 1st quarter valued at about $876,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc is a technology company that develops and supplies specialty green chemistry and data-driven solutions for the energy industry. Its offerings are designed to help oil and natural gas producers improve well performance, manage production processes and reduce the environmental impact of energy operations.

Through its Chemistry Technologies segment, Flotek provides biodegradable and environmentally focused chemical products used in drilling, cementing, stimulation, completion and production activities.