Flotek Industries (NYSE:FTK) Stock Price Crosses Above 200-Day Moving Average – Should You Sell?

Shares of Flotek Industries, Inc. (NYSE:FTK) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $16.79 and traded as high as $21.46. Flotek Industries shares last traded at $21.06, with a volume of 255,966 shares.

Analysts Set New Price Targets

Several equities analysts have recently commented on FTK shares. Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Zacks Research lowered shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Finally, Lake Street Capital started coverage on shares of Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $21.33.

Flotek Industries Stock Performance

The firm’s 50 day moving average is $17.22 and its two-hundred day moving average is $16.79. The stock has a market capitalization of $761.95 million, a PE ratio of 27.00 and a beta of 1.39. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83.

Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The business had revenue of $70.05 million for the quarter, compared to analysts’ expectations of $63.08 million. As a group, research analysts predict that Flotek Industries, Inc. will post 0.6 earnings per share for the current year.

Insider Activity at Flotek Industries

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the sale, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

A number of large investors have recently modified their holdings of FTK. Quarry LP increased its position in shares of Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after purchasing an additional 1,900 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Flotek Industries in the 2nd quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Flotek Industries in the 2nd quarter valued at approximately $115,000. Deutsche Bank AG purchased a new stake in shares of Flotek Industries in the 4th quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC purchased a new stake in shares of Flotek Industries in the 4th quarter valued at approximately $177,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

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.