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

Flotek Industries, Inc. (NYSE:FTK) hit a new 52-week high during trading on Monday . The stock traded as high as $38.30 and last traded at $38.1350, with a volume of 62207 shares trading hands. The stock had previously closed at $35.42.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. JonesTrading started coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They set a “buy” rating and a $40.00 target price on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Flotek Industries in a research note on Friday. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Flotek Industries has an average rating of “Moderate Buy” and a consensus price target of $28.33.

Flotek Industries Price Performance

The company has a 50-day moving average of $25.45 and a two-hundred day moving average of $20.20. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.78 and a quick ratio of 1.50. The stock has a market capitalization of $1.41 billion, a PE ratio of 39.20 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.13 by $0.13. The firm had revenue of $99.37 million during 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%. Sell-side analysts predict that Flotek Industries, Inc. will post 0.7 EPS for the current fiscal year.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer owned 115,324 shares of the company’s stock, valued at $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 available at this hyperlink. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flotek Industries

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in Flotek Industries during the 2nd quarter worth approximately $1,160,000. Masters Capital Management LLC raised its stake in shares of Flotek Industries by 8.9% during the first quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company’s stock valued at $18,488,000 after purchasing an additional 89,438 shares during the period. Sei Investments Co. raised its stake in shares of Flotek Industries by 100.0% during the first quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company’s stock valued at $1,291,000 after purchasing an additional 38,038 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Flotek Industries by 71.4% during the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock worth $11,736,000 after purchasing an additional 288,064 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Flotek Industries by 10.4% in the first quarter. Principal Financial Group Inc. now owns 80,480 shares of the oil and gas company’s stock valued at $1,366,000 after purchasing an additional 7,564 shares during the period. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

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.