Flotek Industries (NYSE:FTK) Hits New 12-Month High – Still a Buy?

Flotek Industries, Inc. (NYSE:FTK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $27.81 and last traded at $27.4790, with a volume of 21487 shares trading hands. The stock had previously closed at $27.28.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FTK. Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. JonesTrading began coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Stock Down 4.5%

The stock has a market cap of $941.66 million, a P/E ratio of 33.37 and a beta of 1.43. The firm has a 50 day simple moving average of $23.12 and a 200-day simple moving average of $19.11. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Flotek Industries (NYSE:FTK) last issued its earnings results 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). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The business had revenue of $70.05 million for the quarter, compared to the consensus estimate of $63.08 million. On average, equities research analysts forecast that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the 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 transaction, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of FTK. Quarry LP raised its holdings in Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after acquiring an additional 1,900 shares during the period. New York State Common Retirement Fund bought a new stake in shares of Flotek Industries during the second quarter worth approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Flotek Industries in the second quarter valued at approximately $115,000. Deutsche Bank AG acquired a new position in shares of Flotek Industries in the fourth quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC acquired a new position in shares of Flotek Industries in the fourth quarter valued at approximately $177,000. Institutional investors and hedge funds 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.