Flotek Industries (NYSE:FTK) Issues Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Flotek Industries (NYSE:FTK) announced its earnings results on Tuesday. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01), FiscalAI reports. Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. The business had revenue of $70.05 million for the quarter, compared to the consensus estimate of $63.08 million.

Flotek Industries Price Performance

Shares of FTK stock traded down $0.70 on Wednesday, hitting $16.16. 460,541 shares of the company’s stock were exchanged, compared to its average volume of 286,273. The company has a 50 day moving average of $16.53 and a 200 day moving average of $16.51. The stock has a market cap of $584.51 million, a P/E ratio of 19.43 and a beta of 1.39. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.80 and a quick ratio of 1.63. Flotek Industries has a 12 month low of $7.75 and a 12 month high of $20.41.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Zacks Research lowered Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Lake Street Capital assumed coverage on Flotek Industries in a report on Thursday, January 29th. They set a “buy” rating and a $25.00 price target for the company. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Flotek Industries in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.33.

Insider Activity at Flotek Industries

In related news, CFO James Bond Clement sold 6,299 shares of the company’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 approximately $1,967,848.74. This represents a 4.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTK. LPL Financial LLC raised its stake in Flotek Industries by 5.1% during the 4th quarter. LPL Financial LLC now owns 42,551 shares of the oil and gas company’s stock valued at $733,000 after buying an additional 2,061 shares during the last quarter. XTX Topco Ltd boosted its position in shares of Flotek Industries by 61.8% during the 4th quarter. XTX Topco Ltd now owns 30,116 shares of the oil and gas company’s stock worth $519,000 after purchasing an additional 11,498 shares during the period. Barclays PLC raised its stake 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 acquiring an additional 1,351 shares in the last quarter. PharVision Advisers LLC acquired a new stake in Flotek Industries during the 3rd quarter worth $315,000. Finally, Alliancebernstein L.P. lifted its stake in shares of Flotek Industries by 66.8% in the third quarter. Alliancebernstein L.P. now owns 19,750 shares of the oil and gas company’s stock valued at $288,000 after purchasing an additional 7,910 shares during the period. 10.90% of the stock is owned by institutional investors.

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.