Flotek Industries (NYSE:FTK) Stock Price Crosses Above Two Hundred Day Moving Average – Should You Sell?

Shares of Flotek Industries, Inc. (NYSE:FTK) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.23 and traded as high as $18.55. Flotek Industries shares last traded at $18.4530, with a volume of 491,840 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FTK shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday. Wall Street Zen downgraded Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $17.50.

Flotek Industries Trading Up 3.7%

The firm has a market cap of $554.70 million, a P/E ratio of 20.73 and a beta of 1.46. The company’s 50 day moving average is $15.68 and its two-hundred day moving average is $14.23. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.05. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%.The firm had revenue of $56.03 million for the quarter, compared to analyst estimates of $52.90 million. On average, sell-side analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Flotek Industries

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total value of $984,922.76. Following the completion of the transaction, the director directly owned 197,265 shares of the company’s stock, valued at $2,901,768.15. This trade represents a 25.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers lifted its holdings in shares of Flotek Industries by 3.6% during the 3rd quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock worth $327,000 after acquiring an additional 770 shares during the period. Quarry LP raised its position in Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares in the last quarter. Bank of America Corp DE lifted its stake in Flotek Industries by 3.8% during the third quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock worth $1,147,000 after purchasing an additional 2,861 shares during the period. Ritholtz Wealth Management boosted its holdings in Flotek Industries by 3.7% during the second quarter. Ritholtz Wealth Management now owns 81,027 shares of the oil and gas company’s stock valued at $1,196,000 after purchasing an additional 2,901 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey acquired a new stake in Flotek Industries during the second quarter valued at approximately $50,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

About Flotek Industries

Flotek Industries, Inc (NYSE: FTK) is a Houston-based oilfield services provider specializing in innovative chemical technologies for the upstream energy sector. The company develops, manufactures and markets specialty drilling fluids, completion fluids and production chemicals that enhance drilling efficiency, optimize well performance and mitigate operational risks. Flotek’s solutions are designed to improve drilling rates of penetration, reduce nonproductive time and address challenging downhole environments, including high-pressure/high-temperature wells and sour service conditions.

Flotek’s operations are organized into three core business segments: Drilling & Completion Fluids, Production Chemicals & Process Management, and Water Solutions.