Wall Street Zen Downgrades Flotek Industries (NYSE:FTK) to Buy

Key Points

• Flotek Industries has been downgraded from a "strong-buy" rating to a "buy" rating by Wall Street Zen, reflecting a shift in analyst sentiment towards the stock.
• The stock opened at $11.37 and has shown a significant trading range with a 12-month low of $3.79 and a high of $16.87.
• Flotek Industries reported a quarterly earnings per share of $0.17, exceeding expectations, and had a revenue of $55.36 million for the period.

Flotek Industries (NYSE:FTK - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Sunday.

Other equities research analysts also recently issued reports about the company. Alliance Global Partners started coverage on Flotek Industries in a report on Thursday, June 12th. They set a "buy" rating and a $19.00 target price for the company. Northland Capmk raised shares of Flotek Industries to a "hold" rating in a research note on Tuesday, June 17th. Finally, Northland Securities started coverage on shares of Flotek Industries in a research report on Tuesday, June 17th. They issued a "market perform" rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.33.

Flotek Industries Trading Up 7.0%

Shares of NYSE FTK traded up $0.83 during midday trading on Friday, reaching $12.73. The company's stock had a trading volume of 483,208 shares, compared to its average volume of 375,664. Flotek Industries has a one year low of $3.79 and a one year high of $16.87. The company has a market cap of $379.99 million, a price-to-earnings ratio of 28.49 and a beta of 1.32. The company has a 50 day moving average price of $13.94 and a 200 day moving average price of $10.70.

Flotek Industries (NYSE:FTK - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The oil and gas company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.11. The company had revenue of $55.36 million during the quarter, compared to the consensus estimate of $44.50 million. Flotek Industries had a return on equity of 12.76% and a net margin of 7.09%. Research analysts anticipate that Flotek Industries will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Flotek Industries

In other Flotek Industries news, Director Matthew Wilks bought 13,040 shares of the stock in a transaction on Wednesday, May 14th. The shares were bought at an average price of $14.15 per share, with a total value of $184,516.00. Following the purchase, the director directly owned 157,390 shares in the company, valued at $2,227,068.50. The trade was a 9.03% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders bought 149,766 shares of company stock valued at $1,841,758. 3.02% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in FTK. Acuitas Investments LLC grew its holdings in shares of Flotek Industries by 18.6% during the 1st quarter. Acuitas Investments LLC now owns 321,925 shares of the oil and gas company's stock valued at $2,682,000 after acquiring an additional 50,584 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Flotek Industries by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company's stock worth $2,885,000 after purchasing an additional 5,056 shares during the last quarter. Truist Financial Corp increased its position in Flotek Industries by 11.7% during the second quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company's stock worth $3,885,000 after buying an additional 27,473 shares during the last quarter. S Squared Technology LLC bought a new stake in shares of Flotek Industries during the 1st quarter worth about $2,170,000. Finally, Dimensional Fund Advisors LP grew its holdings in Flotek Industries by 71.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 145,678 shares of the oil and gas company's stock valued at $1,388,000 after purchasing an additional 60,504 shares during the last quarter. 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).