Flotek Industries (NYSE:FTK) Hits New 52-Week High After Earnings Beat

Key Points

• Flotek Industries shares hit a new 52-week high of $28.68 after the company reported quarterly EPS of $0.26, beating the $0.13 consensus estimate.
• Analysts remain broadly positive: four rate the stock Buy and one rates it Hold, resulting in a “Moderate Buy” consensus and an average price target of $28.33; JonesTrading set a $40 target.
• Institutional investors increased their positions, though insider ownership is only 2.40% and the CFO recently sold 12,554 shares. The company’s market capitalization is approximately $1.03 billion.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $28.68 and last traded at $28.5790, with a volume of 666993 shares traded. The stock had previously closed at $26.76.

The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.13. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.

Analyst Ratings Changes

Several brokerages recently commented on FTK. JonesTrading initiated coverage on shares of Flotek Industries in a report on Thursday, July 9th. They set a "buy" rating and a $40.00 target price for the company. Weiss Ratings raised Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Flotek Industries presently has a consensus rating of "Moderate Buy" and an average price target of $28.33.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the business's 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 completion of the sale, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.40% of the company's stock.

Institutional Trading of Flotek Industries

A number of institutional investors have recently modified their holdings of the stock. Masters Capital Management LLC increased its position in shares of Flotek Industries by 8.9% in 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 purchasing an additional 89,438 shares during the period. Millennium Management LLC lifted its position in Flotek Industries by 304.4% during the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company's stock worth $11,817,000 after purchasing an additional 609,268 shares during the period. Dimensional Fund Advisors LP grew its stake in Flotek Industries by 71.4% during the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company's stock worth $11,736,000 after buying an additional 288,064 shares in the last quarter. Royce & Associates LP grew its stake in Flotek Industries by 41.6% during the fourth quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company's stock worth $8,738,000 after buying an additional 148,876 shares in the last quarter. Finally, Invesco Ltd. bought a new position in Flotek Industries in the 2nd quarter valued at about $4,436,000. 10.90% of the stock is currently owned by institutional investors.

Flotek Industries Stock Up 6.8%

The firm's 50-day moving average price is $23.70 and its 200 day moving average price is $19.40. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 36.64 and a beta of 1.43. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source