Flotek Industries (NYSE:FTK) Shares Gap Up – Should You Buy?

Flotek Industries, Inc. (NYSE:FTK) gapped up before the market opened on Tuesday . The stock had previously closed at $28.66, but opened at $29.75. Flotek Industries shares last traded at $27.9510, with a volume of 158,017 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. JonesTrading started coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Flotek Industries in a research note on Friday, August 7th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Flotek Industries Price Performance

The stock has a 50-day moving average of $26.34 and a two-hundred day moving average of $20.78. The firm has a market cap of $911.40 million, a price-to-earnings ratio of 25.42 and a beta of 1.43. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.31.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The company had revenue of $99.37 million during the quarter, compared to analyst estimates of $69.51 million. On average, analysts anticipate that Flotek Industries, Inc. will post 0.7 EPS for the current year.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently bought and sold shares of FTK. Quarry LP lifted its stake 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 valued at $56,000 after acquiring an additional 1,900 shares during the last quarter. New York State Common Retirement Fund bought a new stake in shares of Flotek Industries in the second quarter valued at about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Flotek Industries in the 2nd quarter worth approximately $115,000. Deutsche Bank AG bought a new stake in Flotek Industries in the 4th quarter valued at $150,000. Finally, Mangrove Partners IM LLC acquired a new position in shares of Flotek Industries in the 4th quarter valued at $177,000. Hedge funds and other 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.