Flotek Industries (NYSE:FTK) Reaches New 1-Year High - What's Next?

Key Points

• Flotek Industries shares hit a new 52-week high, trading as high as $27.81 amid relatively light volume.
• Analysts remain constructive on the stock: JonesTrading initiated coverage with a buy rating and a $40 price target, while the overall consensus is a Moderate Buy with a $28.33 target.
• The company’s latest earnings showed revenue above expectations at $70.05 million, but EPS of $0.12 slightly missed estimates; meanwhile, insiders and institutions remain active shareholders.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $27.81 and last traded at $27.4790, with a volume of 21487 shares. The stock had previously closed at $27.28.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JonesTrading started coverage on Flotek Industries in a research report on Thursday, July 9th. They set a "buy" rating and a $40.00 target price on the stock. Weiss Ratings upgraded Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 13th. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.33.

Flotek Industries Stock Performance

The firm has a fifty day moving average of $22.83 and a 200 day moving average of $18.98. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62. The stock has a market capitalization of $994.95 million, a price-to-earnings ratio of 35.26 and a beta of 1.43.

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

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the sale, the chief financial officer owned 115,324 shares of the company's stock, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Flotek Industries

Several hedge funds and other institutional investors have recently bought and sold shares of FTK. Quarry LP boosted its holdings in Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company's stock valued at $56,000 after purchasing an additional 1,900 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Flotek Industries during the 2nd quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Flotek Industries during the 2nd quarter valued at approximately $115,000. Deutsche Bank AG acquired a new position in Flotek Industries in the fourth quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC acquired a new position in Flotek Industries in the fourth quarter valued at approximately $177,000. 10.90% of the stock is currently 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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