Flotek Industries (NYSE:FTK) Sets New 1-Year High - Still a Buy?

Key Points

• Flotek Industries achieved a new 52-week high of $18.05 before closing at $17.70, signaling strong market performance.
• Analysts have a generally positive outlook, with multiple upgrades leading to an average rating of "Buy" and a price target of $14.33.
• The company reported earnings of $0.16 per share, surpassing expectations and indicating a robust financial position, with revenue of $58.35 million for the quarter.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) reached a new 52-week high during trading on Friday . The stock traded as high as $18.05 and last traded at $17.70, with a volume of 41003 shares. The stock had previously closed at $17.80.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTK. Northland Securities upgraded shares of Flotek Industries from a "market perform" rating to an "outperform" rating and set a $16.00 target price for the company in a report on Wednesday, August 6th. Northland Capmk upgraded shares of Flotek Industries from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 6th. Wall Street Zen upgraded shares of Flotek Industries from a "hold" rating to a "buy" rating in a report on Monday, October 6th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Flotek Industries in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Flotek Industries presently has an average rating of "Buy" and an average price target of $14.33.

Flotek Industries Price Performance

The firm has a market cap of $519.74 million, a price-to-earnings ratio of 39.85 and a beta of 1.18. The business's 50-day moving average price is $13.48 and its two-hundred day moving average price is $12.63. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.59 and a quick ratio of 1.36.

Flotek Industries (NYSE:FTK - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. Flotek Industries had a net margin of 6.59% and a return on equity of 17.67%. The company had revenue of $58.35 million during the quarter, compared to the consensus estimate of $52.40 million. Flotek Industries has set its FY 2025 guidance at EPS. On average, research analysts forecast that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Flotek Industries

In related news, CFO James Bond Clement sold 45,732 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $12.74, for a total value of $582,625.68. Following the completion of the transaction, the chief financial officer directly owned 95,439 shares in the company, valued at approximately $1,215,892.86. This represents a 32.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ryan Gillis Ezell sold 87,187 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $12.26, for a total value of $1,068,912.62. Following the completion of the sale, the chief executive officer owned 156,855 shares in the company, valued at $1,923,042.30. This trade represents a 35.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.02% of the company's stock.

Hedge Funds Weigh In On Flotek Industries

Several large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in shares of Flotek Industries by 27.9% during the first 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 period. Cubist Systematic Strategies LLC lifted its position in shares of Flotek Industries by 130.1% during the 1st quarter. Cubist Systematic Strategies LLC now owns 98,248 shares of the oil and gas company's stock valued at $818,000 after acquiring an additional 55,543 shares during the period. Truist Financial Corp lifted its position in shares of Flotek Industries by 11.7% during the 2nd quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company's stock valued at $3,885,000 after acquiring an additional 27,473 shares during the period. American Century Companies Inc. acquired a new position in shares of Flotek Industries during the 1st quarter worth $258,000. Finally, S Squared Technology LLC acquired a new position in Flotek Industries in the 1st quarter worth about $2,170,000. Institutional investors and hedge funds own 10.90% of the company's stock.

About Flotek Industries

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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