Flotek Industries (NYSE:FTK) Stock Falls 7.1% – Here’s What Happened

Flotek Industries, Inc. (NYSE:FTK)’s share price dropped 7.1% during mid-day trading on Wednesday. The company traded as low as $27.81 and last traded at $27.8560. 74,851 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 379,353 shares. The stock had previously closed at $29.97.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTK. Weiss Ratings cut shares of Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Lake Street Capital upped their target price on Flotek Industries from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Tuesday, September 15th. Finally, JonesTrading assumed coverage on Flotek Industries in a report on Thursday, July 9th. They set a “buy” rating and a $40.00 price target on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.67.

Flotek Industries Stock Performance

The stock’s 50 day moving average price is $28.49 and its 200 day moving average price is $23.33. The company has a market capitalization of $988.52 million, a P/E ratio of 27.57 and a beta of 1.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. The company had revenue of $99.37 million for the quarter, compared to the consensus estimate of $69.51 million. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%. As a group, equities analysts expect that Flotek Industries, Inc. will post 0.76 EPS for the current year.

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the company’s stock in a transaction 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 owned 3,693,194 shares in the company, valued at approximately $96,059,975.94. This represents a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Wilks bought 1,319,493 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were acquired at an average cost of $26.01 per share, with a total value 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 $38,424,182.85. This represents a 836.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of FTK. Squarepoint Ops LLC raised its holdings in shares of Flotek Industries by 51.8% in the second quarter. Squarepoint Ops LLC now owns 111,425 shares of the oil and gas company’s stock valued at $2,621,000 after purchasing an additional 38,046 shares during the last quarter. Round Rock Advisors LLC lifted its position in shares of Flotek Industries by 203.4% during the 2nd quarter. Round Rock Advisors LLC now owns 81,471 shares of the oil and gas company’s stock worth $1,916,000 after buying an additional 54,620 shares in the last quarter. AWM Investment Company Inc. bought a new position in shares of Flotek Industries in the second quarter valued at approximately $706,000. Bank of New York Mellon Corp bought a new stake in Flotek Industries during the second quarter worth $1,160,000. Finally, Masters Capital Management LLC boosted its position in Flotek Industries by 8.9% in the first quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company’s stock worth $18,488,000 after purchasing an additional 89,438 shares during the last quarter. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology company that develops and supplies specialty green chemistry and data-driven solutions for the energy industry. Its offerings are designed to help oil and natural gas producers improve well performance, manage production processes and reduce the environmental impact of energy operations.

Through its Chemistry Technologies segment, Flotek provides biodegradable and environmentally focused chemical products used in drilling, cementing, stimulation, completion and production activities.