Flotek Industries, Inc. (NYSE:FTK) Receives Average Recommendation of “Buy” from Brokerages

Shares of Flotek Industries, Inc. (NYSE:FTK) have earned an average rating of “Buy” from the four research firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $19.50.

Several analysts recently weighed in on the stock. Zacks Research upgraded shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Finally, Northland Securities restated an “outperform” rating and issued a $20.00 target price on shares of Flotek Industries in a research report on Wednesday, December 31st.

Insider Activity at Flotek Industries

In other 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 transaction of $984,922.76. Following the transaction, the director directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

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

Flotek Industries Price Performance

Shares of FTK opened at $17.60 on Wednesday. Flotek Industries has a 12 month low of $6.05 and a 12 month high of $20.09. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. The stock has a fifty day moving average price of $16.47 and a 200 day moving average price of $14.70. The company has a market cap of $529.03 million, a P/E ratio of 19.77 and a beta of 1.45.

Flotek Industries (NYSE:FTK) last announced 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 during the quarter, compared to the consensus estimate of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. On average, research analysts forecast that Flotek Industries will post 0.29 earnings per share for the current year.

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.