Flotek Industries (NYSE:FTK) Hits New 52-Week High on Analyst Upgrade

Key Points

• Flotek Industries saw its share price hit a new 52-week high of $17.66 following an upgrade from Wall Street Zen from a hold to a buy rating, reflecting increased market confidence.
• Several analysts have rated Flotek Industries positively, with one upgrading the stock to a strong-buy rating and another setting a price target of $19.00.
• Insider transactions showed significant selling activity, with CEO Ryan Gillis Ezell and CFO James Bond Clement reducing their holdings by over 30%, raising potential concerns about insider confidence.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report)'s share price reached a new 52-week high during trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The company traded as high as $17.37 and last traded at $17.66, with a volume of 485273 shares. The stock had previously closed at $15.92.

Other analysts also recently issued research reports about the stock. Northland Capmk upgraded shares of Flotek Industries from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. Northland Securities raised shares of Flotek Industries from a "market perform" rating to an "outperform" rating and set a $16.00 price target for the company in a research note on Wednesday, August 6th. Alliance Global Partners started coverage on shares of Flotek Industries in a report on Thursday, June 12th. They issued a "buy" rating and a $19.00 price objective for the company. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Flotek Industries in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $14.33.

Insider Transactions at Flotek Industries

In other Flotek Industries news, CEO Ryan Gillis Ezell sold 87,187 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $12.26, for a total value of $1,068,912.62. Following the transaction, the chief executive officer directly owned 156,855 shares of the company's stock, valued at approximately $1,923,042.30. This trade represents a 35.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Bond Clement sold 45,732 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $12.74, for a total transaction of $582,625.68. Following the completion of the transaction, the chief financial officer owned 95,439 shares in the company, valued at $1,215,892.86. The trade was a 32.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flotek Industries

Large investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey acquired a new stake in Flotek Industries during the 2nd quarter worth about $50,000. Kathmere Capital Management LLC purchased a new stake in Flotek Industries during the first quarter worth $85,000. Victory Capital Management Inc. purchased a new stake in shares of Flotek Industries during the 1st quarter worth about $96,000. New York State Common Retirement Fund acquired a new position in Flotek Industries in the 2nd quarter worth about $102,000. Finally, Bard Associates Inc. purchased a new position in Flotek Industries during the first quarter worth approximately $111,000. Hedge funds and other institutional investors own 10.90% of the company's stock.

Flotek Industries Price Performance

The company has a market capitalization of $526.70 million, a price-to-earnings ratio of 39.89 and a beta of 1.18. The stock's 50-day simple moving average is $12.53 and its two-hundred day simple moving average is $11.94. The company has a quick ratio of 1.36, a current ratio of 1.59 and a debt-to-equity ratio of 0.55.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. The company had revenue of $58.35 million for the quarter, compared to analyst estimates of $52.40 million. Flotek Industries had a net margin of 6.59% and a return on equity of 17.67%. Flotek Industries has set its FY 2025 guidance at EPS. Equities research analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

About Flotek Industries

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).

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