Flotek Industries (NYSE:FTK) Announces Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• EPS miss: Flotek reported $0.12 EPS versus analyst estimates of $0.13 (a $0.01 miss) while revenue beat expectations at $70.05 million versus $63.08 million.
• Shares rose to $16.90 after the release; the company has a market capitalization of about $611.1 million and a P/E of 20.36, with a net margin of 12.87% and return on equity of 21.32%.
• Analysts hold a Moderate Buy consensus with an average target of $21.33 (three Buys, two Holds), and the CFO sold 6,299 shares; insiders own 2.4% while institutions own 10.9%.

Flotek Industries (NYSE:FTK - Get Free Report) released its earnings results on Tuesday. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01), FiscalAI reports. The business had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%.

Flotek Industries Price Performance

NYSE:FTK traded up $0.25 on Tuesday, reaching $16.90. The stock had a trading volume of 272,099 shares, compared to its average volume of 284,521. The company has a market capitalization of $611.09 million, a P/E ratio of 20.36 and a beta of 1.39. Flotek Industries has a 1-year low of $7.01 and a 1-year high of $20.41. The company has a quick ratio of 1.63, a current ratio of 1.80 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average price of $16.52 and a 200-day moving average price of $16.50.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FTK shares. Zacks Research lowered shares of Flotek Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 3rd. Lake Street Capital started coverage on Flotek Industries in a research note on Thursday, January 29th. They issued a "buy" rating and a $25.00 price target on the stock. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Flotek Industries in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $21.33.

Insider Buying and Selling

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of the business's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer directly owned 122,837 shares in the company, valued at $1,967,848.74. The trade was a 4.88% decrease in their ownership of the stock. The transaction 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 company insiders.

Hedge Funds Weigh In On Flotek Industries

A number of institutional investors and hedge funds have recently bought and sold shares of FTK. Quarry LP boosted its stake in Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company's stock worth $56,000 after purchasing an additional 1,900 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Flotek Industries in the second quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Flotek Industries in the second quarter worth $115,000. Deutsche Bank AG acquired a new position in Flotek Industries in the fourth quarter worth $150,000. Finally, Mangrove Partners IM LLC acquired a new position in Flotek Industries in the fourth quarter worth $177,000. Institutional investors and hedge funds own 10.90% of the company's stock.

Flotek Industries Company Profile

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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