Flotek Industries (NYSE:FTK) Hits New 52-Week High – Time to Buy?

Shares of Flotek Industries, Inc. (NYSE:FTK) reached a new 52-week high on Friday . The stock traded as high as $25.65 and last traded at $25.52, with a volume of 292916 shares. The stock had previously closed at $24.92.

Wall Street Analysts Forecast Growth

FTK has been the topic of a number of analyst reports. Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. JonesTrading assumed coverage on shares of Flotek Industries in a research report on Thursday. They issued a “buy” rating and a $40.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Flotek Industries presently has an average rating of “Moderate Buy” and a consensus target price of $28.33.

Flotek Industries Trading Up 2.4%

The stock has a 50-day moving average of $21.50 and a two-hundred day moving average of $18.56. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83. The company has a market cap of $923.31 million, a P/E ratio of 32.72 and a beta of 1.43.

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

Insider Transactions at Flotek Industries

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

Hedge Funds Weigh In On Flotek Industries

A number of large investors have recently bought and sold shares of FTK. Hollow Brook Wealth Management LLC acquired a new stake in Flotek Industries during the 3rd quarter worth $1,393,000. Bard Associates Inc. purchased a new stake in shares of Flotek Industries in the 4th quarter valued at approximately $3,279,000. S Squared Technology LLC grew its position in Flotek Industries by 14.1% in the fourth quarter. S Squared Technology LLC now owns 263,726 shares of the oil and gas company’s stock worth $4,544,000 after acquiring an additional 32,654 shares during the period. Royce & Associates LP increased its position in shares of Flotek Industries by 41.6% during the 4th quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company’s stock worth $8,738,000 after purchasing an additional 148,876 shares during the last quarter. Finally, CenterBook Partners LP increased its position in shares of Flotek Industries by 64.7% during the fourth quarter. CenterBook Partners LP now owns 289,026 shares of the oil and gas company’s stock valued at $4,980,000 after acquiring an additional 113,507 shares during the last quarter. 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.