Flotek Industries (NYSE:FTK) Reaches New 1-Year High Following Earnings Beat

Flotek Industries, Inc. (NYSE:FTK)’s share price reached a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $28.68 and last traded at $28.5790, with a volume of 666993 shares changing hands. The stock had previously closed at $26.76.

The oil and gas company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.13 by $0.13. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%.

Wall Street Analyst Weigh In

FTK has been the topic of a number of recent analyst reports. JonesTrading assumed coverage on Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price on the stock. Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Flotek Industries has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Insider Activity

In other news, CFO James Bond Clement sold 12,554 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its position in Flotek Industries by 27.9% in the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock valued at $1,007,000 after purchasing an additional 26,400 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of 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 worth $834,000 after purchasing an additional 47,018 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Flotek Industries during the first quarter worth about $332,000. Rhumbline Advisers increased its stake in shares of Flotek Industries by 1,542.4% in the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock valued at $319,000 after buying an additional 20,313 shares during the period. Finally, American Century Companies Inc. raised its holdings in Flotek Industries by 26.3% in the 2nd quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after buying an additional 8,139 shares during the last quarter. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Trading Up 6.8%

The business’s fifty day moving average is $23.70 and its 200-day moving average is $19.40. 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 firm has a market cap of $1.03 billion, a P/E ratio of 36.64 and a beta of 1.43.

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.