Flotek Industries (NYSE:FTK) Stock Price Down 6.5% - Here's Why

Key Points

• Flotek Industries shares fell 6.5% to about $24.17, with trading volume below the stock’s average daily volume.
• Analyst sentiment remains favorable: four analysts rate FTK a Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and a $28.33 price target; JonesTrading recently initiated coverage with a $40 target.
• The company slightly missed quarterly EPS estimates, reporting $0.12 versus the expected $0.13, although revenue of $70.05 million exceeded estimates of $63.08 million. CFO James Bond Clement also sold 12,554 shares, reducing his position by 9.82%.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) dropped 6.5% on Monday . The stock traded as low as $24.01 and last traded at $24.1730. 250,198 shares were traded during trading, a decline of 17% from the average daily volume of 301,716 shares. The stock had previously closed at $25.84.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTK shares. JonesTrading started coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They issued a "buy" rating and a $40.00 price target 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $28.33.

Flotek Industries Price Performance

The firm has a market capitalization of $882.76 million, a price-to-earnings ratio of 31.10 and a beta of 1.43. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average price of $23.24 and a two-hundred day moving average price of $19.16.

Flotek Industries (NYSE:FTK - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The company had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. As a group, research analysts forecast that Flotek Industries, Inc. will post 0.6 EPS for the current year.

Insider Activity

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of the business's stock in a transaction on Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the transaction, the chief financial officer owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.40% of the company's stock.

Institutional Trading of Flotek Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP raised its stake in shares of Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company's stock worth $56,000 after buying an additional 1,900 shares in the last quarter. New York State Common Retirement Fund acquired a new position in shares of Flotek Industries in the second quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Flotek Industries in the second quarter worth approximately $115,000. Deutsche Bank AG acquired a new stake in shares of Flotek Industries during the fourth quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC purchased a new stake in shares of Flotek Industries in the 4th quarter valued at approximately $177,000. 10.90% of the stock is currently owned by 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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