Flotek Industries, Inc. (NYSE:FTK) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Flotek Industries has an average analyst rating of “Moderate Buy”, with four buy ratings and one hold rating. The average 12-month price target is $28.33.
• Recent analyst updates were bullish, including JonesTrading initiating coverage with a buy rating and a $40 target price, while Weiss Ratings upgraded the stock from hold to buy.
• The stock rose to $24.39, near its 52-week high of $25.54, after the company reported quarterly revenue of $70.05 million but earnings of $0.12 per share, slightly below expectations.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the five research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $28.3333.

Several analysts have recently issued reports on the company. JonesTrading initiated coverage on Flotek Industries in a report on Thursday. They set a "buy" rating and a $40.00 target price on the stock. Weiss Ratings raised shares of Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 13th.

Insider Activity

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the sale, the chief financial officer owned 115,324 shares of the company's stock, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.40% of the company's stock.

Institutional Trading of Flotek Industries

Several hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its holdings in Flotek Industries by 27.9% in the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company's stock worth $1,007,000 after purchasing an additional 26,400 shares during the period. Jane Street Group LLC raised its stake in Flotek Industries by 88.5% during the 1st quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company's stock worth $834,000 after buying an additional 47,018 shares during the period. Acadian Asset Management LLC acquired a new stake in Flotek Industries in the first quarter valued at approximately $332,000. Rhumbline Advisers increased its holdings in shares of Flotek Industries by 1,542.4% during the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company's stock valued at $319,000 after acquiring an additional 20,313 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Flotek Industries by 26.3% in the 2nd quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company's stock worth $578,000 after purchasing an additional 8,139 shares in the last quarter. Institutional investors own 10.90% of the company's stock.

Flotek Industries Stock Performance

FTK traded up $1.30 on Thursday, reaching $24.39. The company had a trading volume of 22,496 shares, compared to its average volume of 295,989. The company's fifty day moving average is $21.16 and its 200 day moving average is $18.45. The stock has a market cap of $882.47 million, a P/E ratio of 30.64 and a beta of 1.43. Flotek Industries has a fifty-two week low of $10.95 and a fifty-two week high of $25.54. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83.

Flotek Industries (NYSE:FTK - Get Free Report) last posted its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). The firm had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. As a group, analysts predict that Flotek Industries will post 0.6 earnings per share for the current fiscal year.

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.

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