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

Flotek Industries, Inc. (NYSE:FTK)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $20.56 and last traded at $20.3050, with a volume of 177866 shares changing hands. The stock had previously closed at $18.72.

Wall Street Analyst Weigh In

Several equities analysts have commented on FTK shares. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Lake Street Capital started coverage on shares of Flotek Industries in a research note on Thursday, January 29th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Price Performance

The company’s 50 day moving average price is $16.78 and its 200-day moving average price is $16.61. The company has a market cap of $713.37 million, a price-to-earnings ratio of 25.28 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 quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. On average, equities research analysts forecast that Flotek Industries, Inc. will post 0.66 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO James Bond Clement sold 6,299 shares of Flotek Industries stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer owned 122,837 shares of the company’s stock, valued at $1,967,848.74. The trade was a 4.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Flotek Industries

Large investors have recently made changes to their positions in the company. Masters Capital Management LLC grew its position in Flotek Industries by 8.9% during the 1st quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company’s stock worth $18,488,000 after purchasing an additional 89,438 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Flotek Industries by 100.0% in the first quarter. Sei Investments Co. now owns 76,076 shares of the oil and gas company’s stock valued at $1,291,000 after purchasing an additional 38,038 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Flotek Industries by 71.4% in the first quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock valued at $11,736,000 after purchasing an additional 288,064 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Flotek Industries by 10.4% in the first quarter. Principal Financial Group Inc. now owns 80,480 shares of the oil and gas company’s stock valued at $1,366,000 after purchasing an additional 7,564 shares in the last quarter. Finally, Kornitzer Capital Management Inc. KS purchased a new stake in shares of Flotek Industries in the first quarter valued at $876,000. Institutional investors and hedge funds 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.