Flotek Industries, Inc. (NYSE:FTK) Receives Consensus Recommendation of “Buy” from Brokerages

Flotek Industries, Inc. (NYSE:FTK) has earned an average rating of “Buy” from the five analysts that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $21.3333.

FTK has been the topic of a number of recent research reports. Lake Street Capital began coverage on Flotek Industries in a research report on Thursday. They set a “buy” rating and a $25.00 price target on the stock. Zacks Research upgraded Flotek Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 5th. Northland Securities reiterated an “outperform” rating and set a $20.00 target price on shares of Flotek Industries in a research report on Wednesday, December 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Finally, Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th.

Insider Transactions at Flotek Industries

In other Flotek Industries news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the sale, the director owned 197,265 shares in the company, valued at $2,901,768.15. This represents a 25.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Flotek Industries

Several hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers raised its position in shares of Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock worth $327,000 after buying an additional 770 shares in the last quarter. Quarry LP raised its holdings 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 in the last quarter. Bank of America Corp DE boosted its position in shares of Flotek Industries by 3.8% during the 3rd quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock valued at $1,147,000 after acquiring an additional 2,861 shares during the last quarter. Ritholtz Wealth Management grew its holdings in shares of Flotek Industries by 3.7% during the second quarter. Ritholtz Wealth Management now owns 81,027 shares of the oil and gas company’s stock worth $1,196,000 after purchasing an additional 2,901 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey bought a new position in shares of Flotek Industries in the second quarter worth approximately $50,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Flotek Industries Stock Down 6.6%

Flotek Industries stock opened at $17.33 on Wednesday. The firm has a 50 day moving average price of $16.69 and a 200-day moving average price of $14.79. The company has a quick ratio of 1.54, a current ratio of 1.77 and a debt-to-equity ratio of 0.36. Flotek Industries has a twelve month low of $6.05 and a twelve month high of $20.09. The company has a market capitalization of $520.82 million, a P/E ratio of 19.47 and a beta of 1.44.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.15 by $0.05. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%.The business had revenue of $56.03 million for the quarter, compared to the consensus estimate of $52.90 million. As a group, equities analysts predict that Flotek Industries will post 0.29 EPS for the current year.

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.