Flotek Industries (NYSE:FTK) Reaches New 52-Week High - What's Next?

Key Points

• Flotek Industries shares reached a new 52-week high of $38.30, closing well above the previous $35.42 level. The stock’s 50-day and 200-day moving averages were $24.79 and $19.89, respectively.
• Analyst sentiment is broadly positive, with four Buy ratings and one Hold rating, producing a “Moderate Buy” consensus. However, the average price target of $28.33 is below the current share price, while JonesTrading issued a $40 target.
• Flotek reported quarterly EPS of $0.26, beating estimates of $0.13, while revenue of $99.37 million exceeded the $69.51 million consensus. Several institutional investors increased their stakes, though the CFO recently sold shares.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) shares hit a new 52-week high on Monday . The company traded as high as $38.30 and last traded at $38.1350, with a volume of 62207 shares trading hands. The stock had previously closed at $35.42.

Analyst Ratings Changes

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

Flotek Industries Stock Performance

The stock's 50-day moving average is $24.79 and its 200-day moving average is $19.89. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 37.84 and a beta of 1.43. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.31.

Flotek Industries (NYSE:FTK - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The firm had revenue of $99.37 million for the quarter, compared to analyst estimates of $69.51 million. On average, analysts expect that Flotek Industries, Inc. will post 0.7 EPS for the current year.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the firm's stock in a transaction on 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 legal filing with the SEC, which is available at this link. Corporate insiders own 2.40% of the company's stock.

Institutional Trading of Flotek Industries

A number of institutional investors have recently added to or reduced their stakes in the business. Masters Capital Management LLC raised its position in 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 valued at $18,488,000 after purchasing an additional 89,438 shares during the period. Millennium Management LLC grew its stake in shares of Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company's stock valued at $11,817,000 after buying an additional 609,268 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Flotek Industries by 71.4% in the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company's stock valued at $11,736,000 after buying an additional 288,064 shares in the last quarter. Royce & Associates LP raised its holdings in shares of Flotek Industries by 41.6% during the 4th quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company's stock valued at $8,738,000 after buying an additional 148,876 shares during the period. Finally, Invesco Ltd. purchased a new stake in shares of Flotek Industries during the 2nd quarter valued at about $4,436,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

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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