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

Flotek Industries, Inc. (NYSE:FTK)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.05 and traded as high as $17.75. Flotek Industries shares last traded at $17.4660, with a volume of 193,805 shares traded.

Analyst Ratings Changes

A number of research analysts have recently commented on FTK shares. Lake Street Capital assumed coverage on shares of Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price target on the stock. Northland Securities reiterated an “outperform” rating and set a $20.00 price objective on shares of Flotek Industries in a report on Wednesday, December 31st. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Stock Down 0.5%

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 business has a 50-day moving average price of $17.06 and a 200-day moving average price of $16.09. The firm has a market cap of $628.02 million, a P/E ratio of 20.92 and a beta of 1.45.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Wednesday, March 11th. The oil and gas company reported $0.08 earnings per share 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 firm had revenue of $67.52 million during the quarter, compared to the consensus estimate of $53.37 million. On average, equities analysts forecast that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 6,299 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the completion of the sale, the chief financial officer owned 122,837 shares in the company, valued at approximately $1,967,848.74. The trade was a 4.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate 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 the business. Police & Firemen s Retirement System of New Jersey purchased a new stake in Flotek Industries during the second quarter worth $50,000. Quarry LP increased 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 during the period. New York State Common Retirement Fund bought a new position in shares of Flotek Industries in the 2nd quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Flotek Industries in the 2nd quarter worth $115,000. Finally, Deutsche Bank AG purchased a new stake in shares of Flotek Industries during the 4th quarter worth $150,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

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.