Flotek Industries (NYSE:FTK) Trading 11.2% Higher Following Analyst Upgrade

Flotek Industries, Inc. (NYSE:FTK) shares traded up 11.2% during mid-day trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $18.95 and last traded at $18.96. 126,603 shares traded hands during trading, a decline of 11% from the average session volume of 141,705 shares. The stock had previously closed at $17.05.

Several other equities analysts have also commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Northland Securities restated an “outperform” rating and set a $20.00 price objective on shares of Flotek Industries in a report on Wednesday, December 31st. Finally, Wall Street Zen lowered Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Flotek Industries currently has a consensus rating of “Buy” and a consensus price target of $19.50.

Insider Activity at Flotek Industries

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $14.71, for a total transaction of $984,922.76. Following the transaction, the director owned 197,265 shares in the company, valued at approximately $2,901,768.15. The trade was a 25.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

A number of institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC increased its holdings in Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock valued at $11,817,000 after buying an additional 609,268 shares during the last quarter. Invesco Ltd. acquired a new position in shares of Flotek Industries in the 2nd quarter worth approximately $4,436,000. Manatuck Hill Partners LLC bought a new stake in shares of Flotek Industries in the 3rd quarter valued at approximately $3,854,000. S Squared Technology LLC bought a new stake in shares of Flotek Industries in the 1st quarter valued at approximately $2,170,000. Finally, UBS Group AG raised its position 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 valued at $3,401,000 after acquiring an additional 194,951 shares in the last quarter. Institutional investors and hedge funds own 10.90% of the company’s stock.

Flotek Industries Price Performance

The stock has a market capitalization of $572.88 million, a P/E ratio of 21.41 and a beta of 1.45. The company has a 50 day moving average of $16.11 and a 200-day moving average of $14.44. The company has a quick ratio of 1.54, a current ratio of 1.77 and a debt-to-equity ratio of 0.36.

Flotek Industries (NYSE:FTK) last issued 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. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. The company had revenue of $56.03 million for the quarter, compared to analysts’ expectations of $52.90 million. Sell-side analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current year.

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.