Flotek Industries (NYSE:FTK) Trading 9.2% Higher - What's Next?

Key Points

• Flotek Industries shares jumped 9.2% on Thursday, trading as high as $25.19 after closing at $23.09 the prior day. Trading volume was well below average, with about 108,114 shares changing hands.
• Analyst sentiment has turned more positive: Weiss Ratings upgraded the stock to buy, and JonesTrading initiated coverage with a buy rating and a $40 price target. Overall, the consensus rating is now Moderate Buy with an average target of $28.33.
• Flotek recently reported quarterly earnings of $0.12 per share, missing estimates by $0.01, but revenue of $70.05 million beat expectations. The company also saw insider selling by its CFO and continued interest from institutional investors.

Shares of Flotek Industries, Inc. (NYSE:FTK - Get Free Report) rose 9.2% during trading on Thursday . The stock traded as high as $25.19 and last traded at $25.2150. Approximately 108,114 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 296,620 shares. The stock had previously closed at $23.09.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Weiss Ratings raised shares of Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, May 13th. JonesTrading started coverage on Flotek Industries in a research report on Thursday. They set a "buy" rating and a $40.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $28.33.

Flotek Industries Trading Up 9.4%

The stock has a market cap of $913.54 million, a PE ratio of 32.40 and a beta of 1.43. The business's fifty day moving average is $21.16 and its 200 day moving average is $18.45. 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 posted its quarterly earnings results 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). The company had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. As a group, analysts predict that Flotek Industries, Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling

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 sale, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Hollow Brook Wealth Management LLC acquired a new position in shares of Flotek Industries during the 3rd quarter worth approximately $1,393,000. EVR Research LP acquired a new stake in Flotek Industries during the 3rd quarter valued at $2,044,000. Bard Associates Inc. purchased a new position in Flotek Industries during the fourth quarter worth $3,279,000. S Squared Technology LLC raised its holdings in shares of Flotek Industries by 14.1% in the fourth quarter. S Squared Technology LLC now owns 263,726 shares of the oil and gas company's stock worth $4,544,000 after acquiring an additional 32,654 shares during the last quarter. Finally, CenterBook Partners LP raised its holdings in shares of Flotek Industries by 64.7% in the fourth quarter. CenterBook Partners LP now owns 289,026 shares of the oil and gas company's stock worth $4,980,000 after acquiring an additional 113,507 shares during the last quarter. Hedge funds and other 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.

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.