Flotek Industries (NYSE:FTK) Stock Price Down 4% – What’s Next?

Shares of Flotek Industries, Inc. (NYSE:FTK) were down 4% during trading on Wednesday . The stock traded as low as $22.19 and last traded at $22.35. Approximately 93,030 shares were traded during trading, a decline of 69% from the average daily volume of 299,094 shares. The stock had previously closed at $23.27.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Flotek Industries currently has an average rating of “Moderate Buy” and a consensus target price of $22.50.

Flotek Industries Trading Down 1.6%

The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The firm’s 50 day simple moving average is $19.00 and its 200-day simple moving average is $17.64. The company has a market capitalization of $828.34 million, a PE ratio of 29.35 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data 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). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The business had revenue of $70.05 million for the quarter, compared to analysts’ expectations of $63.08 million. As a group, equities research analysts anticipate that Flotek Industries, Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling at Flotek Industries

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 value 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in Flotek Industries by 3.6% during the 3rd quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock valued at $327,000 after acquiring an additional 770 shares during the last quarter. First Trust Advisors LP boosted its stake in Flotek Industries by 3.2% during the 4th quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock valued at $749,000 after acquiring an additional 1,335 shares during the last quarter. Barclays PLC boosted its stake in Flotek Industries by 6.5% during the 4th quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock valued at $383,000 after acquiring an additional 1,351 shares during the last quarter. Informed Momentum Co LLC boosted its stake in Flotek Industries by 2.2% during the 4th quarter. Informed Momentum Co LLC now owns 63,959 shares of the oil and gas company’s stock valued at $1,102,000 after acquiring an additional 1,366 shares during the last quarter. Finally, Aristides Capital LLC boosted its stake in Flotek Industries by 4.6% during the 4th quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock valued at $541,000 after acquiring an additional 1,390 shares during the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

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.