Flotek Industries (NYSE:FTK) Trading Down 6.5% – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) fell 6.5% during trading on Monday . The stock traded as low as $24.01 and last traded at $24.1730. 250,198 shares traded hands during trading, a decline of 17% from the average session volume of 301,716 shares. The stock had previously closed at $25.84.

Wall Street Analysts Forecast Growth

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

Flotek Industries Price Performance

The company has a market cap of $832.10 million, a P/E ratio of 29.84 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83. The firm’s fifty day moving average is $23.40 and its two-hundred day moving average is $19.22.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $63.08 million. As a group, analysts anticipate that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Transactions at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. This trade represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Masters Capital Management LLC grew its holdings in Flotek Industries by 8.9% during the 1st 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 buying an additional 89,438 shares in the last quarter. Millennium Management LLC raised its stake in Flotek Industries by 304.4% during the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock valued at $11,817,000 after purchasing an additional 609,268 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Flotek Industries by 71.4% during 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. Royce & Associates LP lifted its position in Flotek Industries by 41.6% during the fourth 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 last quarter. Finally, Invesco Ltd. purchased a new position in shares of Flotek Industries in the 2nd quarter worth $4,436,000. 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.