Flotek Industries (NYSE:FTK) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.70 and traded as high as $17.98. Flotek Industries shares last traded at $17.5990, with a volume of 212,724 shares traded.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FTK shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Zacks Research raised shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Northland Securities restated an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research report on Wednesday, December 31st. Finally, Wall Street Zen lowered 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 given a Hold rating to the company. Based on data from MarketBeat.com, Flotek Industries presently has an average rating of “Buy” and a consensus price target of $19.50.

Flotek Industries Stock Up 1.8%

The company’s fifty day simple moving average is $16.47 and its 200 day simple moving average is $14.70. 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 firm has a market capitalization of $529.03 million, a PE ratio of 19.77 and a beta of 1.45.

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

Insider Buying and Selling

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the business’s stock in a transaction on 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 owned 197,265 shares in the company, valued at approximately $2,901,768.15. The trade was a 25.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

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

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.