Flotek Industries (NYSE:FTK) Trading Up 11.2% – Still a Buy?

Flotek Industries, Inc. (NYSE:FTK) shot up 11.2% during mid-day trading on Wednesday . The company traded as high as $16.54 and last traded at $17.0410. 88,013 shares were traded during mid-day trading, a decline of 70% from the average session volume of 294,374 shares. The stock had previously closed at $15.33.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FTK. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Lake Street Capital began coverage on shares of Flotek Industries in a research note on Thursday, January 29th. They issued a “buy” rating and a $25.00 price objective for the company. Northland Securities reissued an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Trading Up 10.0%

The stock has a market capitalization of $610.07 million, a PE ratio of 20.28 and a beta of 1.46. The stock’s 50 day moving average price is $16.56 and its 200-day moving average price is $16.46. The company has a quick ratio of 1.63, a current ratio of 1.80 and a debt-to-equity ratio of 0.35.

Flotek Industries (NYSE:FTK) last posted its earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.07). The company had revenue of $67.52 million for the quarter, compared to analysts’ expectations of $53.37 million. Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. On average, sell-side analysts expect that Flotek Industries, Inc. will post 0.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO James Bond Clement sold 6,299 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total transaction of $100,909.98. Following the completion of the transaction, the chief financial officer directly owned 122,837 shares of the company’s stock, valued at approximately $1,967,848.74. This trade represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors have recently bought and sold shares of the stock. Millennium Management LLC grew its stake in Flotek Industries by 304.4% during the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock valued at $11,817,000 after acquiring an additional 609,268 shares in the last quarter. Royce & Associates LP grew its stake in Flotek Industries by 41.6% during the fourth quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company’s stock valued at $8,738,000 after acquiring an additional 148,876 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Flotek Industries by 31.6% during the third quarter. Dimensional Fund Advisors LP now owns 425,579 shares of the oil and gas company’s stock valued at $6,213,000 after acquiring an additional 102,136 shares in the last quarter. Invesco Ltd. purchased a new position in Flotek Industries during the second quarter valued at $4,436,000. Finally, CenterBook Partners LP grew its stake in Flotek Industries by 64.7% during the fourth quarter. CenterBook Partners LP now owns 289,026 shares of the oil and gas company’s stock valued at $4,980,000 after acquiring an additional 113,507 shares in the last quarter. 10.90% of the stock is owned by hedge funds and other institutional investors.

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.