Flotek Industries (NYSE:FTK) Hits New 12-Month High - Still a Buy?

Key Points

• Flotek Industries hit a new 52-week high of $25.65, reflecting strong recent stock momentum after trading above its prior close of $24.92.
• Analyst sentiment remains constructive: Weiss Ratings upgraded the stock to buy, JonesTrading initiated coverage with a $40 price target, and the consensus rating is Moderate Buy with an average target of $28.33.
• The company reported mixed quarterly results, missing EPS expectations by one cent but posting revenue above estimates; meanwhile, institutional investors increased holdings and the CFO sold some shares in a recent insider transaction.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as $25.65 and last traded at $25.52, with a volume of 292916 shares trading hands. The stock had previously closed at $24.92.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Weiss Ratings raised Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 13th. JonesTrading began coverage on Flotek Industries in a research report on Thursday. They set a "buy" rating and a $40.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $28.33.

Flotek Industries Stock Performance

The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The stock has a market cap of $923.24 million, a price-to-earnings ratio of 32.72 and a beta of 1.43. The stock's 50 day moving average is $21.33 and its two-hundred day moving average is $18.51.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Flotek Industries

Institutional investors have recently bought and sold shares of the company. Masters Capital Management LLC increased its stake in shares of Flotek Industries by 8.9% during the first quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company's stock worth $18,488,000 after acquiring an additional 89,438 shares during the period. Sei Investments Co. increased its stake in Flotek Industries by 100.0% in the 1st quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company's stock valued at $1,291,000 after purchasing an additional 38,038 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Flotek Industries by 71.4% in the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company's stock valued at $11,736,000 after buying an additional 288,064 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Flotek Industries by 10.4% during the 1st quarter. Principal Financial Group Inc. now owns 80,480 shares of the oil and gas company's stock valued at $1,366,000 after acquiring an additional 7,564 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS acquired a new position in shares of Flotek Industries during the 1st quarter worth approximately $876,000. 10.90% of the stock is owned by institutional investors and hedge funds.

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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