Flotek Industries (NYSE:FTK) Issues Earnings Results

Flotek Industries (NYSE:FTK) announced its quarterly earnings results on Tuesday. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.13, Zacks reports. The company had revenue of $114.35 million during the quarter, compared to the consensus estimate of $94.36 million. Flotek Industries had a net margin of 8.81% and a return on equity of 25.76%.

Flotek Industries Stock Performance

Shares of FTK traded down $2.17 during trading hours on Thursday, reaching $22.55. 329,766 shares of the company’s stock traded hands, compared to its average volume of 376,688. The firm has a market capitalization of $816.76 million, a price-to-earnings ratio of 28.24 and a beta of 1.55. 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 business’s fifty day simple moving average is $26.55 and its two-hundred day simple moving average is $22.17.

Insider Activity

In related news, Director Matthew Wilks bought 1,319,493 shares of the stock in a transaction on Friday, September 11th. The shares were purchased at an average price of $26.01 per share, with a total value of $34,320,012.93. Following the purchase, the director owned 1,477,285 shares in the company, valued at approximately $38,424,182.85. This represents a 836.22% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the firm’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $26.01, for a total transaction of $60,000,024.06. Following the transaction, the insider directly owned 3,693,194 shares in the company, valued at approximately $96,059,975.94. The trade was a 38.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FTK. Zacks Research raised shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Weiss Ratings cut shares of Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 30th. JonesTrading initiated coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price for the company. Finally, Lake Street Capital raised their price target on shares of Flotek Industries from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, Flotek Industries presently 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.