Flotek Industries (NYSE:FTK) Stock Price Up 9.2% – What’s Next?

Flotek Industries, Inc. (NYSE:FTK)’s stock price rose 9.2% on Thursday . The stock traded as high as $25.19 and last traded at $25.2150. 108,114 shares traded hands during trading, a decline of 64% from the average session volume of 296,620 shares. The stock had previously closed at $23.09.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. JonesTrading assumed coverage on shares of Flotek Industries in a research note on Thursday. They set a “buy” rating and a $40.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Flotek Industries Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83. The company has a market cap of $923.31 million, a P/E ratio of 32.72 and a beta of 1.43. The firm has a 50 day moving average price of $21.50 and a 200-day moving average price of $18.56.

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

Insider Buying and Selling

In related news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction on Monday, May 18th. The stock was 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 SEC, which is available through this hyperlink. 2.40% of the stock is currently owned by company insiders.

Institutional Trading of Flotek Industries

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

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.