Flotek Industries (NYSE:FTK) Trading 9.2% Higher – Should You Buy?

Flotek Industries, Inc. (NYSE:FTK)’s stock price rose 9.2% during mid-day trading on Thursday . The company traded as high as $25.19 and last traded at $25.2150. 108,114 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 296,620 shares. The stock had previously closed at $23.09.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FTK shares. Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. JonesTrading started coverage on shares of Flotek Industries in a research note on Thursday. They issued a “buy” rating and a $40.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.33.

Flotek Industries Trading Up 9.4%

The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $913.54 million, a price-to-earnings ratio of 32.40 and a beta of 1.43. The business has a 50 day simple moving average of $21.16 and a 200-day simple moving average of $18.45.

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

Insiders Place Their Bets

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the transaction, the chief financial officer owned 115,324 shares in the company, valued at $2,315,705.92. This trade represents a 9.82% decrease in their position. The sale 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 corporate insiders.

Institutional Trading of Flotek Industries

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Millennium Management LLC boosted its position in Flotek Industries by 304.4% during the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after purchasing an additional 609,268 shares during the period. Invesco Ltd. purchased a new position in Flotek Industries in the second quarter valued at about $4,436,000. Dimensional Fund Advisors LP raised its position in Flotek Industries by 71.4% in the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock valued at $11,736,000 after purchasing an additional 288,064 shares during the period. Manatuck Hill Partners LLC acquired a new position in shares of Flotek Industries during the third quarter worth about $3,854,000. Finally, UBS Group AG lifted its stake in shares of Flotek Industries by 512.8% during the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after purchasing an additional 194,951 shares in the last quarter. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.