JonesTrading Begins Coverage on Flotek Industries (NYSE:FTK)

Research analysts at JonesTrading began coverage on shares of Flotek Industries (NYSE:FTK) in a report issued on Thursday,Benzinga reports. The brokerage set a “buy” rating and a $40.00 price target on the oil and gas company’s stock. JonesTrading’s price objective suggests a potential upside of 72.81% from the stock’s current price.

Separately, Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Flotek Industries Price Performance

Shares of FTK stock opened at $23.15 on Thursday. Flotek Industries has a twelve month low of $10.95 and a twelve month high of $25.54. 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 stock has a fifty day simple moving average of $21.16 and a two-hundred day simple moving average of $18.45. The stock has a market capitalization of $837.46 million, a price-to-earnings ratio of 29.68 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 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 for the quarter, compared to analysts’ expectations of $63.08 million. On average, analysts predict that Flotek Industries will post 0.6 EPS for the current fiscal year.

Insider Activity at Flotek Industries

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

Institutional Investors Weigh In On Flotek Industries

Several institutional investors have recently bought and sold shares of the company. Millennium Management LLC grew its holdings in Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after purchasing an additional 609,268 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Flotek Industries in the 2nd quarter worth $4,436,000. Dimensional Fund Advisors LP grew its stake in Flotek Industries by 71.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company’s stock worth $11,736,000 after buying an additional 288,064 shares during the last quarter. Manatuck Hill Partners LLC purchased a new position in Flotek Industries during the 3rd quarter worth $3,854,000. Finally, UBS Group AG increased its position in Flotek Industries by 512.8% during the 3rd quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock valued at $3,401,000 after buying an additional 194,951 shares in the last quarter. 10.90% of the stock is currently owned by institutional investors and hedge funds.

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.