Flotek Industries (NYSE:FTK) Share Price Passes Above 200 Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $14.57 and traded as high as $16.88. Flotek Industries shares last traded at $16.7490, with a volume of 327,501 shares.

Analyst Ratings Changes

Several research firms recently commented on FTK. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Wall Street Zen cut Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Northland Securities reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Flotek Industries in a research note on Wednesday, December 31st. Finally, Zacks Research raised shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 5th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Flotek Industries has a consensus rating of “Buy” and an average price target of $19.50.

Flotek Industries Stock Performance

The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $503.47 million, a price-to-earnings ratio of 18.82 and a beta of 1.45. The firm’s fifty day moving average price is $16.18 and its 200 day moving average price is $14.57.

Flotek Industries (NYSE:FTK) last posted its earnings results on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.05. The firm had revenue of $56.03 million during the quarter, compared to the consensus estimate of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. Analysts forecast that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the transaction, the director owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This represents a 25.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Institutional investors have recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Flotek Industries during the second quarter worth approximately $50,000. Quarry LP grew its holdings in Flotek Industries by 97.2% during the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after acquiring an additional 1,900 shares in the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Flotek Industries in the 2nd quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Flotek Industries in the 2nd quarter valued at approximately $115,000. Finally, D Orazio & Associates Inc. acquired a new stake in shares of Flotek Industries in the 2nd quarter valued at $153,000. 10.90% of the stock is owned by institutional investors and hedge funds.

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.