Flotek Industries (NYSE:FTK) Reaches New 1-Year High – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) reached a new 52-week high on Wednesday . The company traded as high as $20.70 and last traded at $20.4860, with a volume of 30824 shares trading hands. The stock had previously closed at $19.90.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Lake Street Capital assumed coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a “buy” rating and a $25.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Flotek Industries currently has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Trading Up 2.1%

The firm has a market capitalization of $735.21 million, a price-to-earnings ratio of 26.14 and a beta of 1.39. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62. The firm’s 50-day simple moving average is $16.90 and its 200 day simple moving average is $16.66.

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

Insider Activity

In other news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Flotek Industries

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP increased its holdings in Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after purchasing an additional 1,900 shares during the period. New York State Common Retirement Fund acquired a new stake in Flotek Industries in the second quarter valued at $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Flotek Industries in the second quarter valued at $115,000. Deutsche Bank AG acquired a new stake in Flotek Industries in the fourth quarter valued at $150,000. Finally, Mangrove Partners IM LLC acquired a new stake in Flotek Industries in the fourth quarter valued at $177,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.