Flotek Industries (NYSE:FTK) Trading Up 10% – Time to Buy?

Flotek Industries, Inc. (NYSE:FTK) shares shot up 10% on Thursday . The company traded as high as $25.44 and last traded at $25.51. 378,734 shares were traded during mid-day trading, an increase of 27% from the average session volume of 297,750 shares. The stock had previously closed at $23.20.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Price Performance

The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The firm’s fifty day moving average price is $17.98 and its 200 day moving average price is $17.13. The stock has a market cap of $852.11 million, a PE ratio of 30.20 and a beta of 1.43.

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 for the quarter, missing the consensus estimate 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 the consensus estimate of $63.08 million. As a group, equities analysts expect that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insider Activity at Flotek Industries

In other news, 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 value of $252,084.32. Following the completion of the sale, the chief financial officer owned 115,324 shares in the company, valued at approximately $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 can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

A number of large investors have recently bought and sold shares of FTK. Hollow Brook Wealth Management LLC purchased a new position in shares of Flotek Industries in the 3rd quarter valued at $1,393,000. Royce & Associates LP lifted its stake in shares of Flotek Industries by 44.4% during the 3rd quarter. Royce & Associates LP now owns 358,249 shares of the oil and gas company’s stock worth $5,230,000 after purchasing an additional 110,192 shares during the last quarter. EVR Research LP bought a new stake in Flotek Industries during the third quarter valued at about $2,044,000. Navellier & Associates Inc. grew its stake in Flotek Industries by 98.1% in the third quarter. Navellier & Associates Inc. now owns 82,529 shares of the oil and gas company’s stock valued at $1,205,000 after purchasing an additional 40,868 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in Flotek Industries in the third quarter valued at about $2,563,000. Institutional investors own 10.90% of the company’s stock.

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.