Flotek Industries (NYSE:FTK) Earns Buy Rating from Analysts at Alliance Global Partners

Research analysts at Alliance Global Partners initiated coverage on shares of Flotek Industries (NYSE:FTK) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $19.00 price target on the oil and gas company’s stock. Alliance Global Partners’ price objective would indicate a potential upside of 18.76% from the stock’s previous close.

Separately, Singular Research raised shares of Flotek Industries to a “moderate buy” rating in a research note on Monday, March 17th. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $13.50.

Flotek Industries Trading Down 2.3%

Shares of FTK opened at $16.00 on Thursday. The firm has a market cap of $477.57 million, a P/E ratio of 61.53 and a beta of 1.38. Flotek Industries has a 12 month low of $3.79 and a 12 month high of $16.87. The stock’s 50 day moving average is $11.18 and its two-hundred day moving average is $9.42.

Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.11. The firm had revenue of $55.36 million for the quarter, compared to analyst estimates of $44.50 million. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. Equities research analysts forecast that Flotek Industries will post 0.29 EPS for the current year.

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, Director Matthew Wilks bought 103,514 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were acquired at an average cost of $12.24 per share, with a total value of $1,267,011.36. Following the purchase, the director now directly owns 144,350 shares of the company’s stock, valued at $1,766,844. This trade represents a 253.49% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have bought 149,766 shares of company stock worth $1,841,758. Corporate insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

Hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC purchased a new stake in Flotek Industries in the fourth quarter valued at $42,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Flotek Industries in the 4th quarter valued at $57,000. Kathmere Capital Management LLC acquired a new position in Flotek Industries during the 1st quarter worth about $85,000. Balyasny Asset Management L.P. acquired a new stake in shares of Flotek Industries during the fourth quarter worth about $99,000. Finally, Algert Global LLC purchased a new position in shares of Flotek Industries in the fourth quarter valued at approximately $102,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Company Profile

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).