Brokerages Set Flotek Industries, Inc. (NYSE:FTK) Price Target at $21.33

Flotek Industries, Inc. (NYSE:FTK) has received a consensus recommendation of “Moderate Buy” from the five ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $21.3333.

FTK has been the topic of several recent analyst reports. Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Lake Street Capital assumed coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a “buy” rating and a $25.00 target price for the company. Northland Securities reissued an “outperform” rating and set a $20.00 price target on shares of Flotek Industries in a report on Wednesday, December 31st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th.

Flotek Industries Trading Up 1.5%

Shares of FTK opened at $16.30 on Thursday. The company has a current ratio of 1.80, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35. The stock has a market cap of $589.46 million, a PE ratio of 19.64 and a beta of 1.45. Flotek Industries has a 1 year low of $6.05 and a 1 year high of $20.41. The stock has a 50 day simple moving average of $16.99 and a 200-day simple moving average of $15.99.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.07). Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. The company had revenue of $67.52 million during the quarter, compared to analyst estimates of $53.37 million. On average, sell-side analysts predict that Flotek Industries will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CFO James Bond Clement sold 6,299 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was 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 of the company’s stock, valued at $1,967,848.74. The trade was a 4.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Several institutional investors have recently bought and sold shares of FTK. Rhumbline Advisers raised its stake in shares of Flotek Industries by 3.6% during 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 during the last quarter. First Trust Advisors LP boosted its stake in Flotek Industries by 3.2% in the fourth quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock valued at $749,000 after acquiring an additional 1,335 shares during the last quarter. Barclays PLC boosted its stake in Flotek Industries by 6.5% in the fourth quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock valued at $383,000 after acquiring an additional 1,351 shares during the last quarter. Informed Momentum Co LLC grew its holdings in Flotek Industries by 2.2% during the 4th quarter. Informed Momentum Co LLC now owns 63,959 shares of the oil and gas company’s stock worth $1,102,000 after acquiring an additional 1,366 shares during the period. Finally, Aristides Capital LLC grew its holdings in Flotek Industries by 4.6% during the 4th quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock worth $541,000 after acquiring an additional 1,390 shares during the period. Institutional investors 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.