Flotek Industries (NYSE:FTK) Reaches New 12-Month High – Should You Buy?

Flotek Industries, Inc. (NYSE:FTK)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.81 and last traded at $27.4790, with a volume of 21487 shares. The stock had previously closed at $27.28.

Wall Street Analysts Forecast Growth

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

Flotek Industries Trading Up 0.8%

The company’s fifty day moving average is $22.83 and its two-hundred day moving average is $18.98. The stock has a market cap of $994.95 million, a price-to-earnings ratio of 35.26 and a beta of 1.43. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $70.05 million for the quarter, compared to analysts’ expectations of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. On average, research analysts predict that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the transaction, the chief financial officer owned 115,324 shares in the company, valued at $2,315,705.92. This trade represents a 9.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Trading of Flotek Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its holdings in Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock worth $327,000 after purchasing an additional 770 shares during the period. First Trust Advisors LP raised its holdings in shares of Flotek Industries by 3.2% during the fourth quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock worth $749,000 after purchasing an additional 1,335 shares during the period. Barclays PLC raised its holdings in shares of Flotek Industries by 6.5% during the fourth quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock worth $383,000 after purchasing an additional 1,351 shares during the period. Informed Momentum Co LLC lifted its position in shares of Flotek Industries by 2.2% in the 4th quarter. Informed Momentum Co LLC now owns 63,959 shares of the oil and gas company’s stock worth $1,102,000 after buying an additional 1,366 shares during the last quarter. Finally, Aristides Capital LLC boosted its holdings in shares of Flotek Industries by 4.6% in the 4th quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock valued at $541,000 after buying an additional 1,390 shares during the period. 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.