Flotek Industries (NYSE:FTK) Trading 8.1% Higher – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) rose 8.1% during mid-day trading on Thursday . The company traded as high as $18.60 and last traded at $18.44. Approximately 105,437 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 349,293 shares. The stock had previously closed at $17.06.

Analyst Ratings Changes

FTK has been the subject of several analyst reports. Zacks Research upgraded Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Northland Securities reiterated an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Lake Street Capital assumed coverage on shares of Flotek Industries in a report on Thursday. They set a “buy” rating and a $25.00 price objective for the company. Finally, Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $21.33.

Flotek Industries Price Performance

The firm has a market capitalization of $520.82 million, a price-to-earnings ratio of 19.47 and a beta of 1.45. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36. The company’s 50 day moving average is $16.69 and its 200-day moving average is $14.77.

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

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, Director Harshavardhan V. Agadi sold 66,956 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $14.71, for a total value of $984,922.76. Following the sale, the director owned 197,265 shares of the company’s stock, valued at $2,901,768.15. This trade represents a 25.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.02% of the company’s stock.

Institutional Trading of Flotek Industries

A number of institutional investors and hedge funds have recently bought and sold shares of FTK. Goldman Sachs Group Inc. raised its stake in Flotek Industries by 27.9% during 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 purchasing an additional 26,400 shares in the last quarter. Jane Street Group LLC increased its position in shares of Flotek Industries by 88.5% during the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after acquiring an additional 47,018 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Flotek Industries in the 1st quarter worth $332,000. Truist Financial Corp grew its holdings 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 worth $3,885,000 after acquiring an additional 27,473 shares in the last quarter. Finally, Ritholtz Wealth Management increased its holdings in Flotek Industries by 3.7% during the second quarter. Ritholtz Wealth Management now owns 81,027 shares of the oil and gas company’s stock valued at $1,196,000 after buying an additional 2,901 shares during the period. 10.90% of the stock is currently owned by institutional investors.

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.