Flotek Industries (NYSE:FTK) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Flotek Industries (NYSE:FTK) announced its quarterly earnings data on Wednesday. The oil and gas company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07), FiscalAI reports. Flotek Industries had a net margin of 12.87% and a return on equity of 21.97%. The business had revenue of $67.52 million during the quarter, compared to analyst estimates of $53.37 million.

Flotek Industries Stock Performance

Shares of NYSE FTK traded up $0.18 during trading hours on Friday, reaching $18.54. The stock had a trading volume of 145,993 shares, compared to its average volume of 320,948. The firm has a 50-day moving average of $17.21 and a 200-day moving average of $15.71. 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 firm has a market cap of $557.43 million, a price-to-earnings ratio of 22.69 and a beta of 1.45. Flotek Industries has a fifty-two week low of $6.05 and a fifty-two week high of $20.41.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FTK shares. Wall Street Zen cut shares of Flotek Industries from a “buy” rating to a “hold” rating in a research 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 report on Wednesday, December 31st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Lake Street Capital started coverage on shares of Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 6,299 shares of Flotek Industries stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer directly owned 122,837 shares in the company, valued at $1,967,848.74. This trade represents a 4.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.02% of the stock is currently owned by corporate insiders.

Institutional Trading of Flotek Industries

Hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its holdings in Flotek Industries by 1,542.4% during the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock worth $319,000 after purchasing an additional 20,313 shares in the last quarter. PharVision Advisers LLC purchased a new stake in Flotek Industries during the third quarter worth $315,000. Alliancebernstein L.P. boosted its position in shares of Flotek Industries by 66.8% in the 3rd quarter. Alliancebernstein L.P. now owns 19,750 shares of the oil and gas company’s stock worth $288,000 after buying an additional 7,910 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Flotek Industries during the fourth quarter worth $280,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Flotek Industries in the fourth quarter worth $258,000. 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.