Flotek Industries (NYSE:FTK) Shares Gap Up – Still a Buy?

Flotek Industries, Inc. (NYSE:FTK) shares gapped up before the market opened on Tuesday . The stock had previously closed at $28.66, but opened at $29.75. Flotek Industries shares last traded at $27.9510, with a volume of 158,017 shares.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FTK. JonesTrading started coverage on Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price target on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flotek Industries in a research note on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.33.

Flotek Industries Stock Performance

The company has a market cap of $1.03 billion, a PE ratio of 28.55 and a beta of 1.43. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. The stock’s 50-day simple moving average is $26.25 and its 200 day simple moving average is $20.66.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13. The business had revenue of $99.37 million for the quarter, compared to analyst estimates of $69.51 million. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. As a group, equities analysts anticipate that Flotek Industries, Inc. will post 0.7 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FTK. Quarry LP increased its holdings in shares of Flotek Industries by 97.2% in the 3rd 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 in the last quarter. New York State Common Retirement Fund purchased a new stake in Flotek Industries during the second quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Flotek Industries during the second quarter worth about $115,000. Deutsche Bank AG acquired a new position in Flotek Industries during the fourth quarter worth about $150,000. Finally, Mangrove Partners IM LLC purchased a new position in Flotek Industries in the fourth quarter valued at about $177,000. Hedge funds and other 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.