Flotek Industries (NYSE:FTK) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.23 and traded as high as $18.55. Flotek Industries shares last traded at $18.4530, with a volume of 491,840 shares.

Wall Street Analyst Weigh In

FTK has been the topic of several research reports. Wall Street Zen cut Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, Flotek Industries presently has an average rating of “Buy” and an average target price of $17.50.

Flotek Industries Price Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. The firm has a market cap of $541.38 million, a price-to-earnings ratio of 20.24 and a beta of 1.46. The stock’s fifty day moving average price is $15.73 and its 200-day moving average price is $14.25.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.05. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. The firm had revenue of $56.03 million for the quarter, compared to analysts’ expectations of $52.90 million. Equities research analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the transaction, the director owned 197,265 shares in the company, valued at approximately $2,901,768.15. The trade was a 25.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

A number of institutional investors have recently bought and sold shares of the business. American Century Companies Inc. purchased a new position in Flotek Industries during the 1st quarter valued at about $258,000. OMERS ADMINISTRATION Corp boosted its holdings in shares of Flotek Industries by 19.3% during the first quarter. OMERS ADMINISTRATION Corp now owns 49,500 shares of the oil and gas company’s stock worth $412,000 after purchasing an additional 8,000 shares during the period. Cubist Systematic Strategies LLC grew its position in Flotek Industries by 130.1% during the first quarter. Cubist Systematic Strategies LLC now owns 98,248 shares of the oil and gas company’s stock valued at $818,000 after purchasing an additional 55,543 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Flotek Industries by 27.9% during 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 in the last quarter. Finally, S Squared Technology LLC acquired a new position in Flotek Industries in the 1st quarter valued at approximately $2,170,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Flotek Industries Company Profile

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.