Flotek Industries (NYSE:FTK) Issues Quarterly Earnings Results

Flotek Industries (NYSE:FTK) announced its quarterly earnings data on Tuesday. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.13, Zacks reports. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The business had revenue of $114.35 million during the quarter, compared to the consensus estimate of $94.36 million.

Flotek Industries Trading Up 6.4%

FTK stock traded up $1.50 during trading on Tuesday, hitting $24.96. The company had a trading volume of 579,319 shares, compared to its average volume of 374,819. Flotek Industries has a 52-week low of $13.19 and a 52-week high of $39.67. The company has a 50 day simple moving average of $26.51 and a 200-day simple moving average of $22.08. The firm has a market capitalization of $904.23 million, a P/E ratio of 25.22 and a beta of 1.55. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FTK shares. Weiss Ratings cut Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. Zacks Research raised Flotek Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. Lake Street Capital boosted their price objective on Flotek Industries from $40.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. Finally, JonesTrading initiated coverage on Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $34.67.

Insider Activity

In other news, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $26.01, for a total transaction of $60,000,024.06. Following the transaction, the insider directly owned 3,693,194 shares of the company’s stock, valued at approximately $96,059,975.94. This trade represents a 38.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Matthew Wilks bought 1,319,493 shares of Flotek Industries stock in a transaction dated Friday, September 11th. The shares were bought at an average cost of $26.01 per share, for a total transaction of $34,320,012.93. Following the completion of the transaction, the director owned 1,477,285 shares of the company’s stock, valued at approximately $38,424,182.85. This trade represents a 836.22% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.40% of the stock is owned by insiders.

About Flotek Industries

Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.

Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.