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

Flotek Industries, Inc. (NYSE:FTK)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $18.02 and traded as high as $22.39. Flotek Industries shares last traded at $21.7460, with a volume of 252,585 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $22.50.

Flotek Industries Trading Up 1.3%

The business has a fifty day moving average of $20.12 and a 200-day moving average of $18.05. The stock has a market capitalization of $801.78 million, a price-to-earnings ratio of 28.41 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The business had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. On average, equities analysts anticipate that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO James Bond Clement sold 12,554 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the sale, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FTK. Quarry LP boosted its stake in shares of 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 acquiring an additional 1,900 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Flotek Industries in the 2nd quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Flotek Industries during the second quarter worth $115,000. Deutsche Bank AG acquired a new stake in shares of Flotek Industries during the fourth quarter worth $150,000. Finally, Mangrove Partners IM LLC purchased a new stake in shares of Flotek Industries during the fourth quarter valued at $177,000. Institutional investors own 10.90% of the company’s stock.

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.