Flotek Industries (NYSE:FTK) Releases Earnings Results

Key Points

• Flotek beat quarterly expectations: Earnings were $0.34 per share versus the $0.21 consensus, while revenue of $114.35 million topped analyst estimates of $94.36 million.
• Analyst sentiment is broadly positive: MarketBeat reports a consensus “Buy” rating and an average price target of $34.67; Lake Street Capital raised its target to $44.
• Director Matthew Wilks bought about 1.32 million shares, while major shareholder Profrac Gdm sold about 2.31 million shares in separate transactions.

Flotek Industries (NYSE:FTK - Get Free Report) announced its quarterly earnings data on Tuesday. The oil and gas company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.13, Zacks reports. The company had revenue of $114.35 million for the quarter, compared to analyst estimates of $94.36 million. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%.

Flotek Industries Price Performance

FTK traded up $1.50 during midday trading on Tuesday, reaching $24.96. 579,319 shares of the company's stock were exchanged, compared to its average volume of 374,819. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $26.51 and a two-hundred day simple moving average of $22.08. The firm has a market capitalization of $904.23 million, a price-to-earnings ratio of 25.22 and a beta of 1.55. Flotek Industries has a one year low of $13.19 and a one year high of $39.67.

Insider Activity at Flotek Industries

In related news, Director Matthew Wilks bought 1,319,493 shares of the business's stock in a transaction that occurred on Friday, September 11th. The stock was acquired at an average price of $26.01 per share, for a total transaction of $34,320,012.93. Following the transaction, the director directly owned 1,477,285 shares of the company's stock, valued at $38,424,182.85. This represents a 836.22% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $26.01, for a total value of $60,000,024.06. Following the transaction, the insider owned 3,693,194 shares of the company's stock, valued at $96,059,975.94. This trade represents a 38.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

FTK has been the subject of a number of recent research reports. Zacks Research upgraded Flotek Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. Weiss Ratings downgraded shares of Flotek Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday. JonesTrading initiated coverage on shares of Flotek Industries in a report on Thursday, July 9th. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Lake Street Capital boosted their price target 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. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $34.67.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.

Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.

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