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 $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13, Zacks reports. The firm had revenue of $99.37 million for the quarter, compared to the consensus estimate of $69.51 million. Flotek Industries had a net margin of 12.97% and a return on equity of 22.30%.

Flotek Industries Stock Down 2.3%

Shares of FTK stock traded down $0.82 during trading hours on Thursday, reaching $35.25. 528,602 shares of the company’s stock were exchanged, compared to its average volume of 317,580. The stock’s 50 day moving average is $24.17 and its 200-day moving average is $19.62. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 35.59 and a beta of 1.43. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. Flotek Industries has a fifty-two week low of $10.95 and a fifty-two week high of $37.53.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTK shares. JonesTrading initiated coverage on Flotek Industries in a report on Thursday, July 9th. They issued a “buy” rating and a $40.00 price target on the stock. Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.33.

Insider Buying and Selling at Flotek Industries

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

Institutional Investors Weigh In On Flotek Industries

A number of large investors have recently modified their holdings of the business. Invesco Ltd. acquired a new position in shares of Flotek Industries during the fourth quarter valued at about $212,000. XTX Topco Ltd increased its stake in 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 valued at $519,000 after purchasing an additional 11,498 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Flotek Industries in the fourth quarter worth $198,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Flotek Industries during the fourth quarter worth $280,000. Finally, Mangrove Partners IM LLC purchased a new stake in shares of Flotek Industries during the fourth quarter valued at $177,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

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.