Flotek Industries (NYSE:FTK) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Flotek Industries, Inc. (NYSE:FTK)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.70 and traded as high as $17.98. Flotek Industries shares last traded at $17.5990, with a volume of 212,724 shares trading hands.

Analyst Upgrades and Downgrades

FTK has been the subject of several analyst reports. Northland Securities reissued an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a report on Wednesday, December 31st. Zacks Research upgraded Flotek Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Finally, Wall Street Zen cut Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Flotek Industries has an average rating of “Buy” and an average target price of $19.50.

Flotek Industries Price Performance

The company has a market capitalization of $529.03 million, a PE ratio of 19.77 and a beta of 1.45. The company has a quick ratio of 1.54, a current ratio of 1.77 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average is $16.47 and its 200-day moving average is $14.70.

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, topping the consensus estimate of $0.15 by $0.05. The firm had revenue of $56.03 million during the quarter, compared to analyst estimates of $52.90 million. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%. Equities analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Transactions at Flotek Industries

In other Flotek Industries news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction that occurred on Thursday, November 13th. The shares were 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 in the company, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.02% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Flotek Industries

A number of institutional investors have recently made changes to their positions in the business. Police & Firemen s Retirement System of New Jersey purchased a new position in Flotek Industries in the 2nd quarter worth $50,000. Quarry LP grew 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 buying an additional 1,900 shares during the last quarter. New York State Common Retirement Fund purchased a new position in shares of Flotek Industries in the second quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Flotek Industries in the 2nd quarter valued at about $115,000. Finally, D Orazio & Associates Inc. purchased a new stake in Flotek Industries during the 2nd quarter valued at about $153,000. Hedge funds and other institutional investors 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.