Flotek Industries (NYSE:FTK) Receives “Outperform” Rating from Northland Securities

Flotek Industries (NYSE:FTK)‘s stock had its “outperform” rating reissued by analysts at Northland Securities in a report released on Wednesday,Benzinga reports. They presently have a $20.00 target price on the oil and gas company’s stock. Northland Securities’ price objective would suggest a potential upside of 16.72% from the stock’s previous close.

Other analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday. Wall Street Zen cut shares of Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $19.50.

Flotek Industries Trading Down 0.9%

Flotek Industries stock traded down $0.16 during trading hours on Wednesday, reaching $17.14. The company had a trading volume of 56,907 shares, compared to its average volume of 394,615. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. Flotek Industries has a 12-month low of $6.05 and a 12-month high of $18.96. The company has a 50-day moving average price of $15.90 and a 200 day moving average price of $14.29. The firm has a market cap of $515.08 million, a price-to-earnings ratio of 19.25 and a beta of 1.46.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.15 by $0.05. The company had revenue of $56.03 million for the quarter, compared to the consensus estimate of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. Equities analysts forecast that Flotek Industries will post 0.29 earnings per share for the current year.

Insider Transactions at Flotek Industries

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $14.71, for a total transaction of $984,922.76. Following the sale, the director directly owned 197,265 shares of the company’s stock, valued at $2,901,768.15. This represents a 25.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Police & Firemen s Retirement System of New Jersey acquired a new position in Flotek Industries in the 2nd quarter valued at about $50,000. Quarry LP lifted its holdings in Flotek Industries by 97.2% during the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after buying an additional 1,900 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Flotek Industries in the 2nd quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Flotek Industries in the second quarter worth $115,000. Finally, D Orazio & Associates Inc. purchased a new stake in shares of Flotek Industries during the second quarter worth $153,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.