Flotek Industries (NYSE:FTK) Shares Break Above 200-Day Moving Average - What's Next?

Key Points

• Flotek shares rose 10.4% and moved above their 200-day moving average, trading as high as $24.48 versus the average of $22.23.
• The company reported quarterly EPS of $0.34, beating the $0.21 consensus, and revenue of $114.35 million versus analysts’ $94.36 million estimate. Analysts’ consensus rating is “Buy,” with an average price target of $34.67.
• A director bought about 1.32 million shares, while major shareholder Profrac GDM sold about 2.31 million shares in transactions disclosed in the article.

Flotek Industries, Inc. (NYSE:FTK - Get Free Report)'s stock price passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $22.23 and traded as high as $24.48. Flotek Industries shares last traded at $24.4640, with a volume of 415,373 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FTK shares. Lake Street Capital raised their target price on Flotek Industries from $40.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, September 15th. Weiss Ratings downgraded shares of Flotek Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 30th. Finally, Zacks Research raised Flotek Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $34.67.

Flotek Industries Stock Up 10.4%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. The stock has a market cap of $886.09 million, a price-to-earnings ratio of 30.58 and a beta of 1.55. The firm's 50-day simple moving average is $26.52 and its two-hundred day simple moving average is $22.23.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The company had revenue of $114.35 million for the quarter, compared to analysts' expectations of $94.36 million. On average, sell-side analysts expect that Flotek Industries, Inc. will post 0.83 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In other news, Director Matthew Wilks acquired 1,319,493 shares of the firm's stock in a transaction dated Friday, September 11th. The shares were purchased at an average cost of $26.01 per share, for a total transaction of $34,320,012.93. Following the transaction, the director directly owned 1,477,285 shares of the company's stock, valued at approximately $38,424,182.85. This trade represents a 836.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the stock in a transaction on Friday, September 11th. The shares were sold at an average price of $26.01, for a total value of $60,000,024.06. Following the sale, the insider owned 3,693,194 shares in the company, valued at $96,059,975.94. The trade was a 38.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FTK. Russell Investments Group Ltd. boosted its stake in Flotek Industries by 11.1% in the third quarter. Russell Investments Group Ltd. now owns 77,009 shares of the oil and gas company's stock valued at $2,258,000 after acquiring an additional 7,685 shares during the period. Alps Advisors Inc. acquired a new stake in shares of Flotek Industries during the third quarter worth $646,000. Vise Technologies Inc. acquired a new position in Flotek Industries in the 3rd quarter worth $209,000. Prosperitas Financial LLC bought a new stake in shares of Flotek Industries in the 3rd quarter valued at about $251,000. Finally, Inspire Investing LLC acquired a new position in shares of Flotek Industries in the third quarter valued at about $656,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

About Flotek Industries

Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.

Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.

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