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

Flotek Industries, Inc. (NYSE:FTK) has been assigned a consensus rating of “Moderate Buy” from the five research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $21.3333.

Separately, Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Institutional investors and hedge funds have recently made changes to their positions in the business. Federated Hermes Inc. purchased a new position in shares of Flotek Industries during the 3rd quarter valued at approximately $1,670,000. Hollow Brook Wealth Management LLC bought a new position in Flotek Industries during the 3rd quarter worth approximately $1,393,000. Royce & Associates LP lifted its holdings in Flotek Industries by 44.4% during the 3rd quarter. Royce & Associates LP now owns 358,249 shares of the oil and gas company’s stock worth $5,230,000 after buying an additional 110,192 shares during the last quarter. EVR Research LP bought a new position in Flotek Industries during the 3rd quarter worth approximately $2,044,000. Finally, Navellier & Associates Inc. increased its holdings in shares of Flotek Industries by 98.1% in the 3rd quarter. Navellier & Associates Inc. now owns 82,529 shares of the oil and gas company’s stock valued at $1,205,000 after acquiring an additional 40,868 shares during the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Flotek Industries Stock Down 5.1%

Shares of NYSE:FTK opened at $23.55 on Tuesday. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. Flotek Industries has a 52-week low of $10.95 and a 52-week high of $25.54. The company has a 50 day moving average of $17.98 and a two-hundred day moving average of $17.13. The company has a market capitalization of $852.18 million, a price-to-earnings ratio of 30.20 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The firm had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. As a group, analysts forecast that Flotek Industries will post 0.6 earnings per share for the current fiscal 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.