Flotek Industries, Inc. (NYSE:FTK) Stock Now Rated "Buy" by Sell-Side Analysts

Key Points

• Analysts maintain a “Buy” consensus on Flotek Industries, with four buy ratings and one strong-buy rating among five covering firms; the average 12-month price target is $34.67.
• Flotek reported quarterly EPS of $0.34, above the $0.21 estimate, and revenue of $114.35 million versus analysts’ $94.36 million forecast.
• Director Matthew Wilks bought about 1.32 million shares, while major shareholder Profrac Gdm sold about 2.31 million shares in transactions reported on the same date.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) has earned a consensus recommendation of "Buy" from the five brokerages that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $34.67.

A number of equities analysts have issued reports on the company. Weiss Ratings downgraded Flotek Industries from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 30th. Zacks Research raised Flotek Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Finally, Lake Street Capital boosted their target price on shares of Flotek Industries from $40.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, September 15th.

Insider Activity

In other Flotek Industries news, Director Matthew Wilks purchased 1,319,493 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was bought at an average cost of $26.01 per share, with a total value of $34,320,012.93. Following the transaction, the director directly owned 1,477,285 shares in the company, valued at approximately $38,424,182.85. The trade was a 836.22% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of Flotek Industries stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $26.01, for a total transaction of $60,000,024.06. Following the transaction, the insider directly owned 3,693,194 shares of the company's stock, valued at approximately $96,059,975.94. This trade represents a 38.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Flotek Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Flotek Industries by 71.4% in the 1st 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. Masters Capital Management LLC increased its position in Flotek Industries by 8.9% during the 1st 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 buying an additional 89,438 shares in the last quarter. Round Rock Advisors LLC increased its position in Flotek Industries by 203.4% during the 2nd quarter. Round Rock Advisors LLC now owns 81,471 shares of the oil and gas company's stock valued at $1,916,000 after buying an additional 54,620 shares in the last quarter. Range Financial Group LLC bought a new position in Flotek Industries during the 3rd quarter valued at approximately $1,560,000. Finally, Bank of New York Mellon Corp purchased a new position in Flotek Industries during the second quarter valued at $1,160,000. Institutional investors own 10.90% of the company's stock.

Flotek Industries Stock Down 2.0%

FTK stock opened at $25.47 on Wednesday. Flotek Industries has a fifty-two week low of $13.19 and a fifty-two week high of $39.67. The company has a market capitalization of $923.91 million, a price-to-earnings ratio of 31.83 and a beta of 1.55. The business's 50 day moving average price is $26.60 and its two-hundred day moving average price is $22.32. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.94 and a current ratio of 2.30.

Flotek Industries (NYSE:FTK - Get Free Report) last released its earnings results on Tuesday, November 3rd. The oil and gas company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.13. Flotek Industries had a return on equity of 24.56% and a net margin of 8.81%. The company had revenue of $114.35 million during the quarter, compared to analysts' expectations of $94.36 million. As a group, analysts forecast that Flotek Industries will post 0.90 earnings per share for the current fiscal year.

About Flotek Industries

Flotek Industries is a technology-focused company serving the energy industry with specialty chemistry and data analytics. Its energy chemistry business develops and supplies chemical products used in oil and natural gas drilling, completion, production and other well operations. Through its data analytics business, Flotek provides measurement and analytical services that help energy customers monitor production and make operational decisions. Its offerings combine field data with laboratory analysis and chemistry expertise.

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