Flotek Industries (NYSE:FTK) Sees Strong Trading Volume – Still a Buy?

Flotek Industries, Inc. (NYSE:FTK) saw strong trading volume on Monday . Approximately 466,701 shares were traded during mid-day trading, an increase of 42% from the previous session’s volume of 328,243 shares.The stock last traded at $31.5950 and had previously closed at $35.83.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JonesTrading started coverage on shares of Flotek Industries in a research note on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Flotek Industries in a report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Stock Performance

The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $26.32 and a 200 day moving average price of $20.73. The stock has a market cap of $987.79 million, a PE ratio of 27.55 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The company had revenue of $99.37 million during the quarter, compared to analyst estimates of $69.51 million. As a group, research analysts forecast that Flotek Industries, Inc. will post 0.7 earnings per share for the current year.

Institutional Investors Weigh In On Flotek Industries

Several hedge funds have recently modified their holdings of FTK. Kornitzer Capital Management Inc. KS purchased a new stake in shares of Flotek Industries during the 1st quarter worth $876,000. Sei Investments Co. grew its stake in 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 during the last quarter. Dimensional Fund Advisors LP grew its stake in 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 during the last quarter. Masters Capital Management LLC raised its holdings in Flotek Industries by 8.9% in the first 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. Finally, Bard Associates Inc. bought a new position in Flotek Industries in the fourth quarter worth about $3,279,000. 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.