Flotek Industries (NYSE:FTK) Research Coverage Started at Alliance Global Partners

Alliance Global Partners assumed coverage on shares of Flotek Industries (NYSE:FTK) in a research note released on Thursday morning, Marketbeat reports. The firm issued a buy rating and a $19.00 price objective on the oil and gas company’s stock.

Separately, Singular Research raised Flotek Industries to a “moderate buy” rating in a report on Monday, March 17th. Three analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Flotek Industries presently has an average rating of “Buy” and an average target price of $13.50.

Flotek Industries Price Performance

Shares of Flotek Industries stock opened at $16.00 on Thursday. The business has a 50-day moving average of $11.18 and a 200 day moving average of $9.43. Flotek Industries has a 12 month low of $3.79 and a 12 month high of $16.87. The stock has a market capitalization of $477.57 million, a price-to-earnings ratio of 61.53 and a beta of 1.38.

Flotek Industries (NYSE:FTK) last announced its earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.11. The company had revenue of $55.36 million during the quarter, compared to analysts’ expectations of $44.50 million. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. Equities research analysts anticipate that Flotek Industries will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Flotek Industries

In other news, Director Matthew Wilks acquired 13,040 shares of Flotek Industries stock in a transaction on Wednesday, May 14th. The stock was bought at an average price of $14.15 per share, for a total transaction of $184,516.00. Following the completion of the purchase, the director now owns 157,390 shares in the company, valued at $2,227,068.50. This represents a 9.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders bought 149,766 shares of company stock worth $1,841,758. 3.02% of the stock is owned by insiders.

Institutional Investors Weigh In On Flotek Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FTK. Tower Research Capital LLC TRC purchased a new stake in shares of Flotek Industries during the fourth quarter worth approximately $42,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Flotek Industries during the fourth quarter worth $57,000. Kathmere Capital Management LLC acquired a new position in Flotek Industries during the first quarter worth $85,000. Victory Capital Management Inc. acquired a new position in Flotek Industries during the first quarter worth $96,000. Finally, Balyasny Asset Management L.P. acquired a new position in Flotek Industries during the fourth quarter worth $99,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Company Profile

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).