Flotek Industries (NYSE:FTK) Shares Up 8.1% – Should You Buy?

Flotek Industries, Inc. (NYSE:FTK) shot up 8.1% during mid-day trading on Thursday . The stock traded as high as $18.60 and last traded at $18.44. 105,437 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 349,293 shares. The stock had previously closed at $17.06.

Analysts Set New Price Targets

A number of research firms recently weighed in on FTK. Northland Securities restated an “outperform” rating and set a $20.00 target price on shares of Flotek Industries in a research note on Wednesday, December 31st. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Zacks Research upgraded shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 5th. Lake Street Capital initiated coverage on shares of Flotek Industries in a research report on Thursday. They issued a “buy” rating and a $25.00 price target for the company. Finally, Wall Street Zen lowered Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Flotek Industries presently has an average rating of “Buy” and a consensus price target of $21.33.

Flotek Industries Price 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 company’s 50 day moving average price is $16.52 and its 200 day moving average price is $14.71. The company has a market cap of $542.13 million, a price-to-earnings ratio of 20.37 and a beta of 1.45.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates 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%. Equities research analysts forecast that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Insider Transactions at Flotek Industries

In other Flotek Industries news, Director Harshavardhan V. Agadi sold 66,956 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total value of $984,922.76. Following the completion of the sale, the director owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This trade represents a 25.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.02% of the company’s stock.

Institutional Trading of Flotek Industries

A number of institutional investors have recently added to or reduced their stakes in FTK. Police & Firemen s Retirement System of New Jersey purchased a new position in Flotek Industries in the second quarter valued at about $50,000. Quarry LP raised its holdings in 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 purchasing an additional 1,900 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in Flotek Industries during the second quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Flotek Industries in the second quarter valued at $115,000. Finally, D Orazio & Associates Inc. purchased a new position in shares of Flotek Industries in the second quarter valued at $153,000. Hedge funds and other 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.