Flotek Industries (NYSE:FTK) Now Covered by Analysts at Northland Securities

Investment analysts at Northland Securities assumed coverage on shares of Flotek Industries (NYSE:FTK) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set a “market perform” rating and a $16.00 price target on the oil and gas company’s stock. Northland Securities’ price objective would indicate a potential upside of 3.29% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Alliance Global Partners began coverage on shares of Flotek Industries in a report on Thursday, June 12th. They issued a “buy” rating and a $19.00 price objective for the company. Singular Research upgraded shares of Flotek Industries to a “moderate buy” rating in a research note on Monday, March 17th. Finally, Wall Street Zen lowered shares of Flotek Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Flotek Industries has an average rating of “Buy” and an average price target of $14.33.

Flotek Industries Stock Performance

Flotek Industries stock opened at $15.49 on Tuesday. Flotek Industries has a twelve month low of $3.79 and a twelve month high of $16.87. The firm has a market cap of $462.41 million, a PE ratio of 60.18 and a beta of 1.39. The firm’s 50 day moving average price is $11.38 and its two-hundred day moving average price is $9.49.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.11. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The firm had revenue of $55.36 million during the quarter, compared to analysts’ expectations of $44.50 million. Equities analysts anticipate that Flotek Industries will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In related news, Director Matthew Wilks bought 103,514 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $12.24 per share, with a total value of $1,267,011.36. Following the acquisition, the director now owns 144,350 shares in the company, valued at approximately $1,766,844. This represents a 253.49% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have acquired 149,766 shares of company stock valued at $1,841,758 in the last 90 days. 3.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Flotek Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTK. Truist Financial Corp raised its holdings in shares of Flotek Industries by 3.6% in the fourth quarter. Truist Financial Corp now owns 244,209 shares of the oil and gas company’s stock valued at $2,327,000 after buying an additional 8,500 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Flotek Industries by 306.2% during the fourth quarter. Renaissance Technologies LLC now owns 85,700 shares of the oil and gas company’s stock valued at $817,000 after purchasing an additional 64,600 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Flotek Industries in the fourth quarter valued at approximately $454,000. Hillsdale Investment Management Inc. bought a new position in Flotek Industries in the 4th quarter worth approximately $4,418,000. Finally, O Shaughnessy Asset Management LLC acquired a new position in Flotek Industries during the 4th quarter worth $182,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).