Flotek Industries (NYSE:FTK) Share Price Passes Above 200-Day Moving Average – Time to Sell?

Shares of Flotek Industries, Inc. (NYSE:FTK) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $14.57 and traded as high as $16.88. Flotek Industries shares last traded at $16.7490, with a volume of 327,501 shares trading hands.

Wall Street Analyst Weigh In

FTK has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Northland Securities reissued an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Wall Street Zen cut shares of Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Zacks Research upgraded Flotek Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 5th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $19.50.

Flotek Industries Stock Up 4.2%

The business has a 50 day moving average price of $16.18 and a 200 day moving average price of $14.57. The company has a quick ratio of 1.54, a current ratio of 1.77 and a debt-to-equity ratio of 0.36. The stock has a market cap of $503.47 million, a PE ratio of 18.82 and a beta of 1.45.

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

Insider Transactions at Flotek Industries

In other Flotek Industries news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the transaction, the director owned 197,265 shares in the company, valued at approximately $2,901,768.15. This represents a 25.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of Flotek Industries by 27.9% in the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock valued at $1,007,000 after buying an additional 26,400 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Flotek Industries during the second quarter worth about $371,000. Truist Financial Corp grew its stake in Flotek Industries by 11.7% during the 2nd quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company’s stock valued at $3,885,000 after acquiring an additional 27,473 shares in the last quarter. Geode Capital Management LLC raised its holdings in Flotek Industries by 55.9% in the 2nd quarter. Geode Capital Management LLC now owns 485,413 shares of the oil and gas company’s stock valued at $7,167,000 after acquiring an additional 174,144 shares during the last quarter. Finally, State of Wyoming acquired a new stake in Flotek Industries in the 2nd quarter valued at about $548,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

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.