Flotek Industries (NYSE:FTK) Rating Increased to Outperform at Northland Securities

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 research note released on Wednesday morning, Marketbeat reports. They currently have $16.00 price target on the oil and gas company's stock.

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

Flotek Industries Trading Up 8.9%

FTK traded up $1.13 during trading on Wednesday, hitting $13.83. The stock had a trading volume of 459,367 shares, compared to its average volume of 425,003. Flotek Industries has a 12 month low of $3.79 and a 12 month high of $16.87. The firm has a market cap of $412.80 million, a PE ratio of 31.43 and a beta of 1.32. The company has a 50 day simple moving average of $13.83 and a 200-day simple moving average of $10.78.

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

Insider Buying and Selling at Flotek Industries

In related news, Director Matthew Wilks purchased 103,514 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average price of $12.24 per share, for a total transaction of $1,267,011.36. Following the purchase, the director owned 144,350 shares in the company, valued at approximately $1,766,844. This represents a 253.49% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders purchased 116,956 shares of company stock worth $1,457,553. 3.02% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Flotek Industries

Hedge funds and other institutional investors have recently modified their holdings of the business. S Squared Technology LLC acquired a new position in Flotek Industries in the 1st quarter worth about $2,170,000. Geode Capital Management LLC increased its position in Flotek Industries by 55.9% in the 2nd quarter. Geode Capital Management LLC now owns 485,413 shares of the oil and gas company's stock valued at $7,167,000 after acquiring an additional 174,144 shares during the period. Royce & Associates LP bought a new position in shares of Flotek Industries during the first quarter valued at $1,167,000. EAM Investors LLC acquired a new position in shares of Flotek Industries during the fourth quarter worth $941,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in shares of Flotek Industries in the fourth quarter worth $826,000. Institutional investors 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).