Flotek Industries (NYSE:FTK) Releases Earnings Results, Misses Estimates By $0.01 EPS

Flotek Industries (NYSE:FTK) announced its earnings results on Tuesday. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01), FiscalAI reports. Flotek Industries had a return on equity of 21.32% and a net margin of 12.87%.The company had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million.

Flotek Industries Trading Up 1.5%

NYSE:FTK traded up $0.25 during mid-day trading on Tuesday, hitting $16.90. The company had a trading volume of 272,099 shares, compared to its average volume of 284,521. Flotek Industries has a fifty-two week low of $7.01 and a fifty-two week high of $20.41. The business’s fifty day moving average is $16.52 and its two-hundred day moving average is $16.50. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 1.80. The firm has a market cap of $611.09 million, a P/E ratio of 20.36 and a beta of 1.39.

Insiders Place Their Bets

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer owned 122,837 shares of the company’s stock, valued at approximately $1,967,848.74. This represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

Several hedge funds have recently bought and sold shares of FTK. Goldman Sachs Group Inc. raised its holdings in Flotek Industries by 27.9% in the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after purchasing an additional 26,400 shares during the period. Jane Street Group LLC raised its holdings in Flotek Industries by 88.5% in the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after purchasing an additional 47,018 shares during the period. Acadian Asset Management LLC acquired a new stake in Flotek Industries in the first quarter worth $332,000. Rhumbline Advisers raised its holdings in Flotek Industries by 1,542.4% in the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock worth $319,000 after purchasing an additional 20,313 shares during the period. Finally, American Century Companies Inc. raised 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 worth $578,000 after purchasing an additional 8,139 shares during the period. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report 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 began coverage on Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $21.33.

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.