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

Key Points

• Flotek Industries shares rose 9.1%, opening at $25.10 after previously closing at $23.54 and last trading at $25.94.
• Analyst sentiment is positive: four analysts rate the stock a Buy and one rates it Hold, producing a “Moderate Buy” consensus and a $28.33 average target price. JonesTrading initiated coverage with a Buy rating and a $40 target.
• The company’s latest quarterly revenue of $70.05 million exceeded estimates, though earnings per share of $0.12 narrowly missed the $0.13 consensus forecast.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report)'s share price gapped up before the market opened on Monday . The stock had previously closed at $23.54, but opened at $25.10. Flotek Industries shares last traded at $25.94, with a volume of 74,403 shares changing hands.

Analyst Upgrades and Downgrades

FTK has been the topic of a number of research reports. JonesTrading initiated coverage on shares of 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 raised shares of Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $28.33.

Flotek Industries Stock Up 9.1%

The firm has a market capitalization of $929.17 million, a P/E ratio of 33.17 and a beta of 1.43. The company has a fifty day simple moving average of $23.56 and a 200 day simple moving average of $19.33. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $70.05 million for the quarter, compared to the consensus estimate of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. On average, equities analysts expect that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares of the company's stock, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently made changes to their positions in FTK. Millennium Management LLC increased its holdings 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 worth $11,817,000 after buying an additional 609,268 shares in the last quarter. Invesco Ltd. purchased a new stake in shares of Flotek Industries during the 2nd quarter valued at about $4,436,000. 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 worth $11,736,000 after acquiring an additional 288,064 shares during the period. Manatuck Hill Partners LLC bought a new stake in shares of Flotek Industries in the third quarter worth approximately $3,854,000. Finally, UBS Group AG raised its holdings in shares of Flotek Industries by 512.8% during the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company's stock valued at $3,401,000 after purchasing an additional 194,951 shares during the last quarter. Institutional investors 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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