Flotek Industries (NYSE:FTK) Shares Gap Up – What’s Next?

Flotek Industries, Inc. (NYSE:FTK)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $23.54, but opened at $25.10. Flotek Industries shares last traded at $25.94, with a volume of 74,403 shares traded.

Analyst Upgrades and Downgrades

FTK has been the topic of a number of recent research reports. Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. JonesTrading began coverage on Flotek Industries in a research note on Thursday, July 9th. They set a “buy” rating and a $40.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

Flotek Industries Stock Performance

The company has a market capitalization of $929.17 million, a P/E ratio of 33.17 and a beta of 1.43. The business has a 50 day moving average of $23.56 and a 200 day moving average of $19.33. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

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

Insider Transactions at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction 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 sale, the chief financial officer 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 through this link. 2.40% of the stock is currently owned by insiders.

Institutional Trading of Flotek Industries

Several hedge funds have recently made changes to their positions in the business. Quarry LP grew its position in Flotek Industries by 97.2% in the third 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 bought a new stake in shares of Flotek Industries in the 2nd quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Flotek Industries in the 2nd quarter worth approximately $115,000. Deutsche Bank AG purchased a new position in shares of Flotek Industries in the 4th quarter worth approximately $150,000. Finally, Mangrove Partners IM LLC bought a new position in shares of Flotek Industries during the 4th quarter valued at approximately $177,000. 10.90% of the stock is currently owned by hedge funds and other 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.