Flotek Industries (NYSE:FTK) Posts Earnings Results, Beats Estimates By $0.13 EPS

Flotek Industries (NYSE:FTK) announced its quarterly earnings results on Tuesday. The oil and gas company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13, Zacks reports. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%.

Flotek Industries Stock Up 6.8%

Shares of FTK stock traded up $1.82 during trading hours on Tuesday, hitting $28.58. 689,581 shares of the company were exchanged, compared to its average volume of 308,165. Flotek Industries has a 52 week low of $10.95 and a 52 week high of $28.68. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The business has a 50 day moving average of $23.70 and a two-hundred day moving average of $19.40. The company has a market capitalization of $1.03 billion, a PE ratio of 36.64 and a beta of 1.43.

Insider Buying and Selling

In related news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Trading of Flotek Industries

A number of institutional investors have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in 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 purchasing an additional 770 shares during the last quarter. First Trust Advisors LP increased its stake in Flotek Industries by 3.2% in the 4th quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock valued at $749,000 after buying an additional 1,335 shares during the last quarter. Barclays PLC lifted its position in Flotek Industries by 6.5% during the 4th quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock worth $383,000 after buying an additional 1,351 shares in the last quarter. Informed Momentum Co LLC lifted its position 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 buying an additional 1,366 shares in the last quarter. Finally, Aristides Capital LLC boosted its stake in shares of 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 buying an additional 1,390 shares during the last quarter. 10.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTK has been the topic of several research analyst reports. Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. JonesTrading assumed coverage on Flotek Industries in a research report on Thursday, July 9th. They set a “buy” rating and a $40.00 price target on the stock. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Flotek Industries has a consensus rating of “Moderate Buy” and a consensus price target of $28.33.

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.