Flotek Industries (NYSE:FTK) Shares Up 10% – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) shares traded up 10% during trading on Thursday . The company traded as high as $25.44 and last traded at $25.51. 378,734 shares changed hands during trading, an increase of 27% from the average session volume of 297,750 shares. The stock had previously closed at $23.20.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded 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 given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Price Performance

The company has a market capitalization of $902.33 million, a price-to-earnings ratio of 32.24 and a beta of 1.43. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The company’s 50 day simple moving average is $17.71 and its 200-day simple moving average is $17.01.

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

Insider Activity

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 shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the sale, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. This trade represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently bought and sold shares of FTK. Goldman Sachs Group Inc. boosted its holdings in shares of Flotek Industries by 27.9% in the 1st 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 increased its holdings in shares of Flotek Industries by 88.5% during the 1st quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after buying an additional 47,018 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Flotek Industries during the 1st quarter worth $332,000. Rhumbline Advisers raised its position in shares of Flotek Industries by 1,542.4% in the 2nd quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock worth $319,000 after buying an additional 20,313 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Flotek Industries by 26.3% in the second quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after acquiring an additional 8,139 shares during the last quarter. Institutional investors and hedge funds own 10.90% of the company’s stock.

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.