Flotek Industries (NYSE:FTK) Shares Gap Up - Here's What Happened

Key Points

• Flotek Industries shares gapped up, opening at $29.75 versus the prior close of $28.66, but later traded around $27.95 on volume of 158,017 shares.
• Analyst sentiment remains positive, with four Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $28.33 target price; JonesTrading set a $40 target.
• Flotek reported quarterly EPS of $0.26, beating the $0.13 consensus estimate, while revenue of $99.37 million exceeded expectations of $69.51 million. Several institutional investors increased their stakes, and institutional ownership stands at 10.90%.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $28.66, but opened at $29.75. Flotek Industries shares last traded at $27.9510, with a volume of 158,017 shares trading hands.

Wall Street Analyst Weigh In

FTK has been the topic of a number of research reports. Weiss Ratings reiterated a "buy (b-)" rating on shares of Flotek Industries in a report on Friday, August 7th. JonesTrading started coverage on shares of Flotek Industries in a research note on Thursday, July 9th. They issued a "buy" rating and a $40.00 price target for the company. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. 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 Down 0.8%

The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.31. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 28.55 and a beta of 1.43. The firm's fifty day simple moving average is $26.25 and its 200 day simple moving average is $20.66.

Flotek Industries (NYSE:FTK - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping 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 return on equity of 21.57% and a net margin of 12.97%. Sell-side analysts predict that Flotek Industries, Inc. will post 0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Masters Capital Management LLC grew its position in shares of Flotek Industries by 8.9% during the first quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company's stock worth $18,488,000 after acquiring an additional 89,438 shares during the last quarter. Millennium Management LLC raised its position in Flotek Industries by 304.4% in the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company's stock valued at $11,817,000 after purchasing an additional 609,268 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Flotek Industries by 71.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company's stock valued at $11,736,000 after purchasing an additional 288,064 shares during the last quarter. Royce & Associates LP boosted its stake in 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 worth $8,738,000 after purchasing an additional 148,876 shares during the period. Finally, Invesco Ltd. acquired a new stake in Flotek Industries during the 2nd quarter worth $4,436,000. Institutional investors and hedge funds own 10.90% of the company's stock.

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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