Flotek Industries (NYSE:FTK) Issues Quarterly Earnings Results

Flotek Industries (NYSE:FTK) released its earnings results on Tuesday. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13, Zacks reports. The company had revenue of $99.37 million during the quarter, compared to analyst estimates of $69.51 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.

Flotek Industries Stock Up 22.6%

Shares of FTK stock traded up $6.38 on Wednesday, hitting $34.59. The company’s stock had a trading volume of 749,256 shares, compared to its average volume of 310,745. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 44.56 and a beta of 1.43. Flotek Industries has a fifty-two week low of $10.95 and a fifty-two week high of $37.39. The firm’s fifty day moving average price is $23.88 and its 200-day moving average price is $19.49. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FTK shares. JonesTrading began coverage on Flotek Industries in a research note on Thursday, July 9th. They set a “buy” rating and a $40.00 target price 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. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.33.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FTK. Invesco Ltd. acquired a new position in Flotek Industries during the fourth quarter valued at approximately $212,000. XTX Topco Ltd boosted its holdings in Flotek Industries by 61.8% during the fourth quarter. XTX Topco Ltd now owns 30,116 shares of the oil and gas company’s stock valued at $519,000 after acquiring an additional 11,498 shares during the period. nVerses Capital LLC acquired a new stake in shares of Flotek Industries in the fourth quarter valued at about $198,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Flotek Industries in the fourth quarter worth about $280,000. Finally, Mangrove Partners IM LLC acquired a new position in shares of Flotek Industries during the 4th quarter worth about $177,000. 10.90% of the stock is owned by 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.