Insider Selling: Flotek Industries (NYSE:FTK) CFO Sells $252,084.32 in Stock

Flotek Industries, Inc. (NYSE:FTK) CFO James Bond Clement sold 12,554 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were 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. The trade was a 9.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

James Bond Clement also recently made the following trade(s):

• On Tuesday, February 24th, James Bond Clement sold 6,299 shares of Flotek Industries stock. The shares were sold at an average price of $16.02, for a total transaction of $100,909.98.

Flotek Industries Price Performance

FTK stock opened at $20.33 on Thursday. The firm’s 50-day moving average price is $16.95 and its two-hundred day moving average price is $16.67. Flotek Industries, Inc. has a 12-month low of $10.95 and a 12-month high of $20.73. The stock has a market capitalization of $735.50 million, a price-to-earnings ratio of 26.06 and a beta of 1.39. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34.

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

Hedge Funds Weigh In On Flotek Industries

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP increased its position in shares of Flotek Industries by 97.2% during the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after buying an additional 1,900 shares during the period. New York State Common Retirement Fund purchased a new position in shares of Flotek Industries during the second quarter valued at about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Flotek Industries during the second quarter worth about $115,000. Deutsche Bank AG bought a new stake in Flotek Industries during the fourth quarter worth about $150,000. Finally, Mangrove Partners IM LLC bought a new stake in Flotek Industries during the fourth quarter worth about $177,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on FTK shares. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Lake Street Capital began coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

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.