Flotek Industries (NYSE:FTK) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Flotek Industries, Inc. (NYSE:FTK) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.05 and traded as high as $17.75. Flotek Industries shares last traded at $17.4660, with a volume of 193,805 shares traded.

Wall Street Analysts Forecast Growth

FTK has been the topic of several recent research reports. Northland Securities reiterated an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a research note on Wednesday, December 31st. Lake Street Capital assumed coverage on shares of Flotek Industries in a research note on Thursday, January 29th. They set a “buy” rating and a $25.00 price objective for the company. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Finally, Zacks Research downgraded Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Flotek Industries has an average rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Stock Performance

The company has a fifty day moving average of $17.05 and a two-hundred day moving average of $16.05. The firm has a market capitalization of $631.75 million, a price-to-earnings ratio of 21.04 and a beta of 1.45. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.63 and a current ratio of 1.80.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Wednesday, March 11th. The oil and gas company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.07). Flotek Industries had a return on equity of 21.32% and a net margin of 12.87%.The firm had revenue of $67.52 million for the quarter, compared to the consensus estimate of $53.37 million. As a group, equities research analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total transaction of $100,909.98. Following the sale, the chief financial officer directly owned 122,837 shares of the company’s stock, valued at approximately $1,967,848.74. This represents a 4.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently bought and sold shares of FTK. 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 in the last quarter. Invesco Ltd. acquired a new position in shares of Flotek Industries in the 2nd quarter valued at approximately $4,436,000. Manatuck Hill Partners LLC acquired a new position in shares of Flotek Industries in the 3rd quarter valued at approximately $3,854,000. UBS Group AG lifted its holdings in shares of 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 acquiring an additional 194,951 shares during the period. Finally, Bard Associates Inc. bought a new stake in shares of Flotek Industries during the 4th quarter worth approximately $3,279,000. Institutional investors own 10.90% of the company’s stock.

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.