Flotek Industries (NYSE:FTK) Issues Earnings Results

Key Points

• Flotek Industries beat earnings expectations, reporting quarterly EPS of $0.26 versus the $0.13 consensus estimate. The company posted an 11.83% net margin and 20.70% return on equity.
• FTK shares rose 6.8% to $28.58 in midday trading, near their 52-week high of $28.68, giving the company a market capitalization of about $1.03 billion.
• Analysts maintain a “Moderate Buy” consensus, with four Buy ratings and one Hold; JonesTrading initiated coverage with a $40 price target, above the $28.33 average target.

Flotek Industries (NYSE:FTK - Get Free Report) issued its quarterly earnings data on Tuesday. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.13, Zacks reports. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%.

Flotek Industries Trading Up 6.8%

FTK stock traded up $1.82 during midday trading on Tuesday, reaching $28.58. The stock had a trading volume of 689,581 shares, compared to its average volume of 308,165. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 36.64 and a beta of 1.43. Flotek Industries has a twelve month low of $10.95 and a twelve month high of $28.68. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The business has a fifty day simple moving average of $23.70 and a two-hundred day simple moving average of $19.40.

Insider Activity

In other news, CFO James Bond Clement sold 12,554 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the transaction, the chief financial officer owned 115,324 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Flotek Industries

Several large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its position in shares of Flotek Industries by 27.9% in the 1st 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 last quarter. Jane Street Group LLC increased its holdings in Flotek Industries by 88.5% in the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company's stock valued at $834,000 after purchasing an additional 47,018 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Flotek Industries in the first quarter valued at about $332,000. Rhumbline Advisers lifted its stake in Flotek Industries by 1,542.4% in the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company's stock valued at $319,000 after buying an additional 20,313 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Flotek Industries by 26.3% during the second quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company's stock worth $578,000 after buying an additional 8,139 shares during the last quarter. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTK has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 13th. JonesTrading began coverage on Flotek Industries in a report on Thursday, July 9th. They issued a "buy" rating and a $40.00 price target for the company. 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, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.33.

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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