Flotek Industries (NYSE:FTK) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Flotek Industries (NYSE:FTK) announced its earnings results on Tuesday. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.13, Zacks reports. The business had revenue of $114.35 million during the quarter, compared to analysts’ expectations of $94.36 million. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%.

Flotek Industries Price Performance

Flotek Industries stock traded up $1.50 on Tuesday, reaching $24.96. The company’s stock had a trading volume of 579,319 shares, compared to its average volume of 374,819. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. The company has a market cap of $904.23 million, a price-to-earnings ratio of 25.22 and a beta of 1.55. The business’s fifty day moving average price is $26.51 and its 200 day moving average price is $22.08. Flotek Industries has a twelve month low of $13.19 and a twelve month high of $39.67.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FTK shares. JonesTrading began coverage on shares of Flotek Industries in a report on Thursday, July 9th. They set a “buy” rating and a $40.00 price target for the company. Lake Street Capital upped their price objective on shares of Flotek Industries from $40.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, September 15th. Weiss Ratings lowered shares of Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Finally, Zacks Research upgraded shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $34.67.

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, Director Matthew Wilks bought 1,319,493 shares of the stock in a transaction dated Friday, September 11th. The stock was bought at an average cost of $26.01 per share, for a total transaction of $34,320,012.93. Following the completion of the purchase, the director owned 1,477,285 shares in the company, valued at $38,424,182.85. This represents a 836.22% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the firm’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $26.01, for a total value of $60,000,024.06. Following the completion of the sale, the insider owned 3,693,194 shares of the company’s stock, valued at approximately $96,059,975.94. This trade represents a 38.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.40% of the stock is currently owned by corporate insiders.

About Flotek Industries

Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.

Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.