Flotek Industries (NYSE:FTK) Research Coverage Started at Lake Street Capital

Lake Street Capital initiated coverage on shares of Flotek Industries (NYSE:FTK) in a research report report published on Thursday, MarketBeat.com reports. The brokerage issued a buy rating and a $25.00 target price on the oil and gas company’s stock.

Other equities analysts also recently issued research reports about the stock. Northland Securities reissued an “outperform” rating and set a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Wall Street Zen lowered Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Zacks Research raised Flotek Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Flotek Industries has a consensus rating of “Buy” and an average target price of $21.33.

Flotek Industries Trading Down 6.6%

Shares of NYSE:FTK opened at $17.33 on Thursday. The company has a market cap of $520.82 million, a PE ratio of 19.47 and a beta of 1.45. The company’s 50 day moving average is $16.69 and its two-hundred day moving average is $14.78. Flotek Industries has a 52 week low of $6.05 and a 52 week high of $20.09. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36.

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

Insider Activity at Flotek Industries

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $14.71, for a total value of $984,922.76. Following the transaction, the director directly owned 197,265 shares of the company’s stock, valued at $2,901,768.15. The trade was a 25.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Millennium Management LLC grew its stake in Flotek Industries by 304.4% during the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after buying an additional 609,268 shares during the period. Invesco Ltd. acquired a new position in shares of Flotek Industries during the 2nd quarter valued at $4,436,000. Manatuck Hill Partners LLC purchased a new stake in Flotek Industries during the 3rd quarter worth $3,854,000. UBS Group AG boosted its position in Flotek Industries by 512.8% during the 3rd quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after purchasing an additional 194,951 shares during the period. Finally, CenterBook Partners LP acquired a new stake in Flotek Industries in the 3rd quarter valued at $2,563,000. 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.