Flotek Industries (NYSE:FTK) Shares Down 6.7% - Time to Sell?

Key Points

• Flotek Industries shares fell 6.7% to about $25.22 in mid-day trading, with volume 60% above the average session level.
• Despite the decline, analysts maintain a “Moderate Buy” consensus; four analysts rate the stock Buy and one rates it Hold, with an average price target of $28.33 and one target as high as $40.
• Flotek’s latest quarterly results exceeded expectations, reporting $0.26 EPS versus $0.13 expected and revenue of $99.37 million versus a $69.51 million consensus estimate. Institutional investors also increased their positions, though hedge funds and other institutions own only 10.9% of the stock.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) fell 6.7% during mid-day trading on Wednesday . The stock traded as low as $25.08 and last traded at $25.2150. 565,671 shares were traded during trading, an increase of 60% from the average session volume of 352,646 shares. The stock had previously closed at $27.02.

Analyst Ratings Changes

Several research firms have recently issued reports on FTK. JonesTrading initiated coverage on Flotek Industries in a report on Thursday, July 9th. They set a "buy" rating and a $40.00 target price on the stock. Weiss Ratings reissued a "buy (b-)" rating on shares of Flotek Industries in a research report on Friday, August 7th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.33.

Flotek Industries Stock Performance

The company has a market cap of $914.45 million, a PE ratio of 25.50 and a beta of 1.43. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. The business's 50-day moving average is $26.32 and its 200 day moving average is $20.73.

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

Hedge Funds Weigh In On Flotek Industries

A number of large investors have recently made changes to their positions in FTK. AWM Investment Company Inc. purchased a new position in Flotek Industries during the 2nd quarter valued at about $706,000. Bank of New York Mellon Corp purchased a new stake in shares of Flotek Industries in the second quarter worth about $1,160,000. Masters Capital Management LLC increased its holdings 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 buying an additional 89,438 shares in the last quarter. Sei Investments Co. lifted its holdings in Flotek Industries by 100.0% during the first quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company's stock valued at $1,291,000 after purchasing an additional 38,038 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted 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 worth $11,736,000 after acquiring an additional 288,064 shares during the last quarter. 10.90% of the stock is 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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