Flotek Industries (NYSE:FTK) Trading 7.2% Higher - Here's Why

Key Points

• Shares jumped 7.2% to about $16.83 Wednesday (intra-day high $16.90) on light volume — 54,413 shares traded versus an average of 300,216.
• Analyst activity has ramped up: Lake Street initiated coverage with a buy/$25 target, and the consensus is a “Moderate Buy” with a $21.33 price target (three Buys, two Holds).
• Recent results showed EPS of $0.08 that missed the $0.15 estimate while revenue of $67.52M beat the $53.37M estimate; the company has a market cap near $589M and a P/E of 19.66.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report) traded up 7.2% during trading on Wednesday . The company traded as high as $16.90 and last traded at $16.8250. 54,413 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 300,216 shares. The stock had previously closed at $15.69.

Analyst Ratings Changes

FTK has been the topic of several recent analyst reports. Lake Street Capital assumed coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a "buy" rating and a $25.00 price objective on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of Flotek Industries in a report on Friday, March 27th. Zacks Research lowered Flotek Industries from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 3rd. Finally, Northland Securities reiterated an "outperform" rating and issued a $20.00 target price on shares of Flotek Industries in a research report on Wednesday, December 31st. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Flotek Industries currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.33.

Flotek Industries Price Performance

The firm has a market capitalization of $588.85 million, a P/E ratio of 19.66 and a beta of 1.46. The company has a current ratio of 1.80, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average price of $16.70 and a 200-day moving average price of $16.43.

Flotek Industries (NYSE:FTK - Get Free Report) last released its earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.07). Flotek Industries had a return on equity of 21.32% and a net margin of 12.87%.The firm had revenue of $67.52 million during the quarter, compared to the consensus estimate of $53.37 million. On average, analysts expect that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer directly owned 122,837 shares of the company's stock, valued at approximately $1,967,848.74. This represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company's stock.

Institutional Trading of Flotek Industries

Several institutional investors and hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its holdings in Flotek Industries by 27.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company's stock worth $1,007,000 after purchasing an additional 26,400 shares during the period. Jane Street Group LLC lifted its holdings in Flotek Industries by 88.5% in the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company's stock valued at $834,000 after acquiring an additional 47,018 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in Flotek Industries in the first quarter valued at approximately $332,000. Rhumbline Advisers lifted its stake in Flotek Industries by 1,542.4% during the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company's stock worth $319,000 after purchasing an additional 20,313 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Flotek Industries by 26.3% during the second quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company's stock worth $578,000 after buying an additional 8,139 shares during the period. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.