Flotek Industries (NYSE:FTK) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Flotek Industries has been upgraded to a "strong-buy" rating by Wall Street Zen, which signals increased confidence in the stock's future performance.
• The stock currently has a consensus rating of "Moderate Buy" and an average target price of $14.33.
• Flotek's recent earnings showed a profit of $0.17 per share, exceeding expectations, and the company has seen notable insider buying recently.

Flotek Industries (NYSE:FTK - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Several other research firms have also recently issued reports on FTK. Northland Capmk raised Flotek Industries to a "hold" rating in a research note on Tuesday, June 17th. Northland Securities began coverage on Flotek Industries in a research note on Tuesday, June 17th. They set a "market perform" rating and a $16.00 target price on the stock. Finally, Alliance Global Partners began coverage on Flotek Industries in a research report on Thursday, June 12th. They set a "buy" rating and a $19.00 price target on the stock. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $14.33.

Flotek Industries Stock Performance

FTK opened at $12.38 on Friday. Flotek Industries has a 52-week low of $3.79 and a 52-week high of $16.87. The stock has a market capitalization of $369.39 million, a PE ratio of 27.50 and a beta of 1.36. The stock's 50 day moving average price is $14.39 and its 200-day moving average price is $10.54.

Flotek Industries (NYSE:FTK - Get Free Report) last posted its earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.11. Flotek Industries had a return on equity of 12.76% and a net margin of 7.09%. The firm had revenue of $55.36 million for the quarter, compared to analysts' expectations of $44.50 million. Research analysts forecast that Flotek Industries will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In other news, Director Matthew Wilks purchased 13,040 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average cost of $14.15 per share, for a total transaction of $184,516.00. Following the completion of the transaction, the director directly owned 157,390 shares of the company's stock, valued at $2,227,068.50. This trade represents a 9.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders purchased 149,766 shares of company stock worth $1,841,758 in the last 90 days. Insiders own 3.02% of the company's stock.

Institutional Investors Weigh In On Flotek Industries

Several hedge funds have recently added to or reduced their stakes in FTK. Tower Research Capital LLC TRC bought a new stake in Flotek Industries in the fourth quarter worth $42,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Flotek Industries in the fourth quarter worth $57,000. Kathmere Capital Management LLC bought a new stake in Flotek Industries in the first quarter worth $85,000. Victory Capital Management Inc. bought a new stake in Flotek Industries in the first quarter worth $96,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Flotek Industries in the fourth quarter worth $99,000. 10.90% of the stock is owned by institutional investors.

Flotek Industries Company Profile

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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