Flotek Industries (NYSE:FTK) Upgraded by Northland Securities to "Outperform" Rating

Key Points

• Flotek Industries was upgraded to an "outperform" rating by Northland Securities, with a price target of $16.00, suggesting a potential upside of approximately 34.91%.
• The company's most recent earnings report revealed an EPS of $0.16, exceeding analyst expectations, with revenues of $58.35 million.
• Recent insider trading activity includes Director Matthew Wilks purchasing over 103,000 shares at an average price of $12.24, reflecting a significant commitment to the company.

Northland Securities upgraded shares of Flotek Industries (NYSE:FTK - Free Report) from a market perform rating to an outperform rating in a report issued on Wednesday, Marketbeat.com reports. Northland Securities currently has $16.00 price objective on the oil and gas company's stock.

A number of other research analysts have also recently issued reports on the stock. Wall Street Zen cut shares of Flotek Industries from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 3rd. Alliance Global Partners initiated coverage on shares of Flotek Industries in a research report on Thursday, June 12th. They issued a "buy" rating and a $19.00 price objective for the company. Finally, Northland Capmk upgraded shares of Flotek Industries to a "hold" rating in a research note on Tuesday, June 17th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $14.33.

Flotek Industries Stock Performance

Shares of FTK traded up $0.54 during mid-day trading on Wednesday, reaching $13.24. The company had a trading volume of 39,943 shares, compared to its average volume of 378,579. Flotek Industries has a 1-year low of $3.79 and a 1-year high of $16.87. The company has a market capitalization of $395.39 million, a price-to-earnings ratio of 30.10 and a beta of 1.32. The company's 50 day simple moving average is $13.85 and its 200 day simple moving average is $10.74.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The oil and gas company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. Flotek Industries had a net margin of 6.59% and a return on equity of 17.67%. The company had revenue of $58.35 million for the quarter, compared to analyst estimates of $52.40 million. As a group, equities analysts forecast that Flotek Industries will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Matthew Wilks purchased 103,514 shares of Flotek Industries stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average price of $12.24 per share, with a total value of $1,267,011.36. Following the completion of the transaction, the director directly owned 144,350 shares of the company's stock, valued at approximately $1,766,844. The trade was a 253.49% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have acquired 116,956 shares of company stock valued at $1,457,553. 3.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Flotek Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Acuitas Investments LLC boosted its stake in Flotek Industries by 18.6% during the first quarter. Acuitas Investments LLC now owns 321,925 shares of the oil and gas company's stock valued at $2,682,000 after buying an additional 50,584 shares during the last quarter. Geode Capital Management LLC increased its position in Flotek Industries by 1.7% in the fourth 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 raised its stake 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 valued at $3,885,000 after purchasing an additional 27,473 shares in the last quarter. S Squared Technology LLC bought a new stake in shares of Flotek Industries in the 1st quarter worth about $2,170,000. Finally, Dimensional Fund Advisors LP raised its position in shares of Flotek Industries by 71.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 145,678 shares of the oil and gas company's stock valued at $1,388,000 after buying an additional 60,504 shares in the last quarter. 10.90% of the stock is owned by hedge funds and other institutional investors.

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).