Flotek Industries (NYSE:FTK) Reaches New 52-Week High – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $25.65 and last traded at $25.52, with a volume of 292916 shares traded. The stock had previously closed at $24.92.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JonesTrading initiated coverage on shares of Flotek Industries in a research note on Thursday. They set a “buy” rating and a $40.00 price target on the stock. Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Stock Up 2.4%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83. The company has a market cap of $923.24 million, a PE ratio of 32.72 and a beta of 1.43. The firm has a fifty day simple moving average of $21.33 and a 200 day simple moving average of $18.51.

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%. Equities research analysts predict that Flotek Industries, Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling

In other Flotek Industries 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 transaction, the chief financial officer owned 115,324 shares of the company’s stock, valued at $2,315,705.92. This trade represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Flotek Industries

Institutional investors and hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of Flotek Industries by 27.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after buying an additional 26,400 shares during the period. Jane Street Group LLC grew its position in 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 valued at $834,000 after acquiring an additional 47,018 shares during the period. Acadian Asset Management LLC purchased a new stake in Flotek Industries during the first quarter valued at about $332,000. Rhumbline Advisers increased its stake in Flotek Industries by 1,542.4% during the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock worth $319,000 after acquiring an additional 20,313 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Flotek Industries by 26.3% during the second quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock worth $578,000 after acquiring an additional 8,139 shares during the last quarter. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.