Flotek Industries (NYSE:FTK) Coverage Initiated at Alliance Global Partners

Alliance Global Partners started coverage on shares of Flotek Industries (NYSE:FTK - Free Report) in a research note released on Thursday, MarketBeat Ratings reports. The firm issued a buy rating and a $19.00 target price on the oil and gas company's stock.

Separately, Singular Research raised shares of Flotek Industries to a "moderate buy" rating in a research report on Monday, March 17th.

Flotek Industries Price Performance

Shares of NYSE:FTK traded down $0.22 on Thursday, reaching $16.33. 447,993 shares of the company traded hands, compared to its average volume of 215,379. The stock has a market capitalization of $487.48 million, a PE ratio of 62.81 and a beta of 1.38. The company's 50 day moving average is $10.99 and its 200-day moving average is $9.37. Flotek Industries has a fifty-two week low of $3.79 and a fifty-two week high of $16.87.

Flotek Industries (NYSE:FTK - Get Free Report) last released its earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.11. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The company had revenue of $55.36 million for the quarter, compared to analysts' expectations of $44.50 million. As a group, analysts expect that Flotek Industries will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, Director Matthew Wilks purchased 32,810 shares of Flotek Industries stock in a transaction dated Friday, May 9th. The shares were acquired at an average cost of $11.71 per share, for a total transaction of $384,205.10. Following the transaction, the director now directly owns 72,006 shares of the company's stock, valued at approximately $843,190.26. This trade represents a 83.71% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Over the last three months, insiders purchased 149,766 shares of company stock valued at $1,841,758. Insiders own 3.02% of the company's stock.

Institutional Investors Weigh In On Flotek Industries

Large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC acquired a new position in Flotek Industries in the 4th quarter worth $42,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Flotek Industries in the fourth quarter valued at about $57,000. Kathmere Capital Management LLC acquired a new position in shares of Flotek Industries during the first quarter worth about $85,000. Victory Capital Management Inc. acquired a new position in shares of Flotek Industries during the first quarter worth about $96,000. Finally, Balyasny Asset Management L.P. bought a new position in shares of Flotek Industries during the fourth quarter worth about $99,000. 10.90% of the stock is currently owned by institutional investors.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).