Flotek Industries Inc. Reaches New 1-Year High Following Earnings Beat (FTK)
Flotek Industries (NYSE:FTK) hit a new 52-week high during trading on Monday following a stronger than expected earnings report, American Banking News reports. The stock traded as high as $23.90 and last traded at $23.82, with a volume of 1,340,028 shares. The stock had previously closed at $23.38.
The company reported $0.20 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.02. The company had revenue of $100.80 million for the quarter, compared to the consensus estimate of $100.00 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 31.4% on a year-over-year basis.
FTK has been the subject of a number of recent research reports. Analysts at Zacks upgraded shares of Flotek Industries from an “underperform” rating to a “neutral” rating in a research note to investors on Monday, January 20th. They now have a $19.80 price target on the stock. Separately, analysts at Johnson Rice initiated coverage on shares of Flotek Industries in a research note to investors on Monday, January 13th. They set an “overweight” rating on the stock. Finally, analysts at Iberia Capital initiated coverage on shares of Flotek Industries in a research note to investors on Friday, December 13th. They set an “outperform” rating on the stock.
In other Flotek Industries news, CEO John Chisholm sold 50,000 shares of Flotek Industries stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $20.91, for a total value of $1,045,500.00. Following the sale, the chief executive officer now directly owns 366,445 shares of the company’s stock, valued at approximately $7,662,365. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Flotek Industries, Inc (NYSE:FTK), is a diversified global supplier of drilling and production related products and services.
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