Flotek Industries’ (FTK) “Outperform” Rating Reiterated at Northland Securities

Northland Securities reaffirmed their outperform rating on shares of Flotek Industries (NYSE:FTK) in a research note released on Wednesday morning,Benzinga reports. Northland Securities currently has a $20.00 target price on the oil and gas company’s stock.

FTK has been the topic of a number of other research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday. Wall Street Zen lowered 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. Based on data from MarketBeat.com, Flotek Industries has a consensus rating of “Buy” and an average target price of $19.50.

Flotek Industries Stock Down 1.2%

Shares of NYSE FTK opened at $17.02 on Wednesday. The stock has a market cap of $511.62 million, a PE ratio of 19.12 and a beta of 1.45. 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 has a 12-month low of $6.05 and a 12-month high of $18.96. The company has a 50-day moving average of $15.95 and a 200 day moving average of $14.34.

Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.05. The business had revenue of $56.03 million for the quarter, compared to analyst estimates of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. As a group, sell-side analysts predict that Flotek Industries will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the completion of the sale, the director directly owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This trade represents a 25.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.02% of the company’s stock.

Institutional Investors Weigh In On Flotek Industries

Institutional investors and hedge funds have recently modified their holdings of the company. PharVision Advisers LLC purchased a new position in Flotek Industries during the 3rd quarter valued at about $315,000. Quarry LP increased its stake in Flotek Industries by 97.2% during the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares during the period. Millennium Management LLC lifted its position in shares of 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 purchasing an additional 609,268 shares in the last quarter. Hollow Brook Wealth Management LLC purchased a new position in shares of Flotek Industries in the third quarter valued at approximately $1,393,000. Finally, Bank of America Corp DE boosted its stake in shares of Flotek Industries by 3.8% in the third quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock valued at $1,147,000 after purchasing an additional 2,861 shares during the period. Hedge funds and other 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.