Northland Securities Reiterates Outperform Rating for Flotek Industries (NYSE:FTK)

Flotek Industries (NYSE:FTK)‘s stock had its “outperform” rating restated by equities research analysts at Northland Securities in a report released on Wednesday,Benzinga reports. They presently have a $20.00 price target on the oil and gas company’s stock. Northland Securities’ target price would indicate a potential upside of 15.81% from the company’s current price.

A number of other research firms have also issued reports on FTK. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a report on Monday. Wall Street Zen cut Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. One investment 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $19.50.

Flotek Industries Stock Performance

Shares of FTK opened at $17.27 on Wednesday. The company has a market capitalization of $519.14 million, a PE ratio of 19.40 and a beta of 1.45. 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 has a one year low of $6.05 and a one year high of $18.96. The company’s fifty day moving average price is $15.94 and its 200 day moving average price is $14.33.

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. The company had revenue of $56.03 million for the quarter, compared to the consensus estimate of $52.90 million. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%. As a group, analysts expect that Flotek Industries will post 0.29 earnings per share for the current year.

Insider Activity at Flotek Industries

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the sale, the director owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This trade represents a 25.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.02% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FTK. Police & Firemen s Retirement System of New Jersey acquired a new stake in Flotek Industries during the second quarter worth $50,000. Quarry LP lifted its holdings in shares of Flotek Industries by 97.2% during the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after acquiring an additional 1,900 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Flotek Industries during the 2nd quarter valued at about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Flotek Industries in the second quarter valued at about $115,000. Finally, D Orazio & Associates Inc. bought a new stake in Flotek Industries in the second quarter valued at about $153,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Flotek Industries Company Profile

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.