Flotek Industries (NYSE:FTK) Shares Up 11.2% – Here’s What Happened

Flotek Industries, Inc. (NYSE:FTK) shares shot up 11.2% during mid-day trading on Wednesday . The company traded as high as $16.54 and last traded at $17.0410. 88,013 shares were traded during mid-day trading, a decline of 70% from the average session volume of 294,374 shares. The stock had previously closed at $15.33.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FTK. Northland Securities reaffirmed an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a research note on Wednesday, December 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research note on Friday, March 27th. Zacks Research cut Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Lake Street Capital started coverage on shares of Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 target price on the stock. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Stock Up 0.9%

The company has a market cap of $618.15 million, a P/E ratio of 20.48 and a beta of 1.46. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.80 and a quick ratio of 1.63. The business’s 50 day moving average price is $16.56 and its 200-day moving average price is $16.46.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). Flotek Industries had a return on equity of 21.32% and a net margin of 12.87%.The business had revenue of $67.52 million for the quarter, compared to the consensus estimate of $53.37 million. On average, analysts anticipate that Flotek Industries, Inc. will post 0.71 earnings per share for the current fiscal year.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 6,299 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total value of $100,909.98. Following the completion of the sale, the chief financial officer directly owned 122,837 shares in the company, valued at approximately $1,967,848.74. This trade represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP raised its stake in shares of Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after acquiring an additional 1,900 shares during the last quarter. New York State Common Retirement Fund bought a new stake in shares of Flotek Industries during the second quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Flotek Industries in the second quarter valued at approximately $115,000. Deutsche Bank AG acquired a new stake in shares of Flotek Industries in the fourth quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC bought a new position in Flotek Industries in the 4th quarter worth approximately $177,000. Institutional investors own 10.90% of the company’s stock.

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.