Flotek Industries (NYSE:FTK) Earns Buy Rating from Analysts at JonesTrading

Research analysts at JonesTrading assumed coverage on shares of Flotek Industries (NYSE:FTK) in a note issued to investors on Thursday,Benzinga reports. The brokerage set a “buy” rating and a $40.00 price target on the oil and gas company’s stock. JonesTrading’s price target suggests a potential upside of 72.81% from the stock’s current price.

Separately, Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.33.

Flotek Industries Trading Up 3.3%

Shares of Flotek Industries stock opened at $23.15 on Thursday. The firm’s 50 day simple moving average is $21.16 and its two-hundred day simple moving average is $18.45. The firm has a market capitalization of $837.46 million, a price-to-earnings ratio of 29.68 and a beta of 1.43. Flotek Industries has a 12-month low of $10.95 and a 12-month high of $25.54. 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 posted its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The company had revenue of $70.05 million for 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%. Analysts predict that Flotek Industries will post 0.6 EPS for the current year.

Insider Buying and Selling 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 stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the transaction, the chief financial officer owned 115,324 shares of the company’s stock, valued at $2,315,705.92. The trade was a 9.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Masters Capital Management LLC lifted 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 valued at $18,488,000 after acquiring an additional 89,438 shares during the period. Millennium Management LLC grew its stake in shares of Flotek Industries by 304.4% during the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after purchasing an additional 609,268 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Flotek Industries by 71.4% during the 1st 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. Royce & Associates LP lifted its stake in shares of Flotek Industries by 41.6% in the 4th quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company’s stock valued at $8,738,000 after purchasing an additional 148,876 shares during the period. Finally, Invesco Ltd. purchased a new stake in Flotek Industries during the second quarter worth $4,436,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

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.