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

Flotek Industries (NYSE:FTK) released its quarterly earnings data on Tuesday. The oil and gas company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.13, Zacks reports. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%. The business had revenue of $114.35 million for the quarter, compared to analyst estimates of $94.36 million.

Flotek Industries Stock Performance

Shares of FTK stock traded up $0.77 during trading hours on Wednesday, reaching $25.61. The stock had a trading volume of 405,214 shares, compared to its average volume of 374,706. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.78 and a quick ratio of 1.50. Flotek Industries has a twelve month low of $13.19 and a twelve month high of $39.67. The firm has a 50-day simple moving average of $26.53 and a 200-day simple moving average of $22.12. The firm has a market capitalization of $927.49 million, a PE ratio of 26.04 and a beta of 1.55.

Insider Activity at Flotek Industries

In other Flotek Industries news, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $26.01, for a total value of $60,000,024.06. Following the completion of the sale, the insider directly owned 3,693,194 shares in the company, valued at $96,059,975.94. This represents a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Wilks bought 1,319,493 shares of the stock in a transaction that occurred on Friday, September 11th. The shares were purchased at an average cost of $26.01 per share, for a total transaction of $34,320,012.93. Following the completion of the acquisition, the director owned 1,477,285 shares of the company’s stock, valued at $38,424,182.85. This trade represents a 836.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Lake Street Capital upped their price objective on shares of Flotek Industries from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Tuesday, September 15th. Weiss Ratings lowered Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. JonesTrading initiated coverage on Flotek Industries in a research note on Thursday, July 9th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Zacks Research raised Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $34.67.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.

Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.