Flotek Industries (NYSE:FTK) Reaches New 52-Week High – What’s Next?

Flotek Industries, Inc. (NYSE:FTK)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $38.30 and last traded at $38.1350, with a volume of 62207 shares changing hands. The stock had previously closed at $35.42.

Analysts Set New Price Targets

FTK has been the topic of a number of analyst reports. Weiss Ratings upgraded 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 note on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Stock Up 6.0%

The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of 37.84 and a beta of 1.43. 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 $24.79 and a two-hundred day moving average price of $19.89.

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

Insider Transactions at Flotek Industries

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the sale, the chief financial officer directly owned 115,324 shares in the company, valued at $2,315,705.92. The trade was a 9.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors and hedge funds have recently made changes to their positions in FTK. Quarry LP grew its position 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 buying an additional 1,900 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in Flotek Industries in the second quarter valued at $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Flotek Industries during the 2nd quarter valued at $115,000. Deutsche Bank AG bought a new position in Flotek Industries during the 4th quarter valued at $150,000. Finally, Mangrove Partners IM LLC bought a new position in Flotek Industries during the 4th quarter valued at $177,000. 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.