Flotek Industries (NYSE:FTK) Stock Price Up 6.5% – What’s Next?

Shares of Flotek Industries, Inc. (NYSE:FTK) shot up 6.5% on Friday . The stock traded as high as $35.79 and last traded at $36.6450. 90,636 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 325,453 shares. The stock had previously closed at $34.41.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Flotek Industries in a research report on Friday, August 7th. JonesTrading assumed coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Flotek Industries currently has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Trading Up 4.7%

The company has a 50 day simple moving average of $25.91 and a 200 day simple moving average of $20.45. The company has a current ratio of 1.78, a quick ratio of 1.50 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.31 billion, a PE ratio of 36.27 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.13. The company had revenue of $99.37 million for the quarter, compared to the consensus estimate of $69.51 million. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%. Analysts predict that Flotek Industries, Inc. will post 0.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction on 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 in the company, valued at $2,315,705.92. This trade represents a 9.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by company insiders.

Institutional Trading of Flotek Industries

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its holdings in shares of Flotek Industries by 27.9% in the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock valued at $1,007,000 after acquiring an additional 26,400 shares in the last quarter. Jane Street Group LLC lifted its position in Flotek Industries by 88.5% in the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock valued at $834,000 after purchasing an additional 47,018 shares during the period. Acadian Asset Management LLC acquired a new stake in Flotek Industries in the first quarter valued at about $332,000. Rhumbline Advisers lifted its position in Flotek Industries by 1,542.4% in the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock valued at $319,000 after purchasing an additional 20,313 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Flotek Industries by 26.3% in the 2nd quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after purchasing an additional 8,139 shares in the last quarter. Institutional investors and hedge funds 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.