Flotek Industries (NYSE:FTK) Stock Price Down 6.7% – Should You Sell?

Flotek Industries, Inc. (NYSE:FTK) shares were down 6.7% on Wednesday . The stock traded as low as $25.08 and last traded at $25.2150. 565,671 shares traded hands during trading, an increase of 60% from the average session volume of 352,646 shares. The stock had previously closed at $27.02.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on FTK shares. 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 note on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

Flotek Industries Trading Down 6.6%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. The business has a 50 day simple moving average of $26.32 and a 200-day simple moving average of $20.73. The stock has a market capitalization of $914.45 million, a P/E ratio of 25.50 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%.The firm had revenue of $99.37 million during the quarter, compared to analyst estimates of $69.51 million. On average, analysts predict that Flotek Industries, Inc. will post 0.7 EPS for the current year.

Hedge Funds Weigh In On Flotek Industries

A number of institutional investors and hedge funds have recently bought and sold shares of FTK. Quarry LP increased its stake in shares of 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 last quarter. New York State Common Retirement Fund bought a new position in shares of Flotek Industries during the 2nd quarter worth approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Flotek Industries during the second quarter worth $115,000. Deutsche Bank AG bought a new stake in Flotek Industries during the 4th quarter worth about $150,000. Finally, Mangrove Partners IM LLC acquired a new position in Flotek Industries during 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.