Flotek Industries (NYSE:FTK) Downgraded to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Flotek Industries (NYSE:FTK) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also issued reports on FTK. Wall Street Zen lowered Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Lake Street Capital initiated coverage on shares of Flotek Industries in a research note on Thursday, January 29th. They issued a “buy” rating and a $25.00 price target for the company. Finally, Northland Securities reissued an “outperform” rating and set a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Price Performance

FTK opened at $17.53 on Tuesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77. The stock’s 50 day moving average price is $16.91 and its 200-day moving average price is $14.89. The stock has a market capitalization of $526.95 million, a PE ratio of 19.70 and a beta of 1.44. Flotek Industries has a 52-week low of $6.05 and a 52-week high of $20.09.

Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share for the quarter, beating 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 firm had revenue of $56.03 million for the quarter, compared to analyst estimates of $52.90 million. On average, equities research analysts predict that Flotek Industries will post 0.29 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Flotek Industries in the second quarter valued at approximately $50,000. Quarry LP grew its stake 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 worth $56,000 after acquiring an additional 1,900 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Flotek Industries during the second quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Flotek Industries during the 2nd quarter worth about $115,000. Finally, D Orazio & Associates Inc. purchased a new stake in Flotek Industries in the second quarter valued at approximately $153,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

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.