Flotek Industries (NYSE:FTK) Sees Strong Trading Volume - Still a Buy?

Key Points

• Flotek Industries’ trading volume jumped 42% to 466,701 shares, while the stock traded at $31.5950 versus a prior close of $35.83.
• Analyst sentiment remains favorable, with four Buy ratings and one Hold rating; the consensus is Moderate Buy with a $28.33 price target, although JonesTrading issued a higher $40 target.
• Flotek exceeded quarterly expectations, reporting $0.26 EPS versus $0.13 expected and $99.37 million in revenue versus $69.51 million forecast. Hedge funds and other institutions own 10.9% of the company.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) saw unusually-high trading volume on Monday . 466,701 shares were traded during mid-day trading, an increase of 42% from the previous session's volume of 328,243 shares.The stock last traded at $31.5950 and had previously closed at $35.83.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JonesTrading began coverage on shares of Flotek Industries in a research note on Thursday, July 9th. They issued a "buy" rating and a $40.00 target price on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of Flotek Industries in a research note on Friday, August 7th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $28.33.

Flotek Industries Stock Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 1.78 and a quick ratio of 1.50. The firm has a fifty day moving average of $26.16 and a 200 day moving average of $20.58. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 30.75 and a beta of 1.43.

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 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.13. The business had revenue of $99.37 million during the quarter, compared to analysts' expectations of $69.51 million. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. As a group, sell-side analysts forecast that Flotek Industries, Inc. will post 0.7 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Flotek Industries during the 1st quarter worth approximately $876,000. Sei Investments Co. raised its position in Flotek Industries by 100.0% during the 1st quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company's stock worth $1,291,000 after buying an additional 38,038 shares during the last quarter. Masters Capital Management LLC increased its position in Flotek Industries by 8.9% during the 1st quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company's stock worth $18,488,000 after purchasing an additional 89,438 shares during the period. Dimensional Fund Advisors LP grew its holdings in Flotek Industries by 71.4% during the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company's stock worth $11,736,000 after acquiring an additional 288,064 shares during the period. Finally, Bard Associates Inc. purchased a new stake in Flotek Industries during the fourth quarter worth $3,279,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Flotek Industries Company Profile

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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