Flotek Industries (NYSE:FTK) Rating Increased to Hold at Northland Capmk

Northland Capmk upgraded shares of Flotek Industries (NYSE:FTK) to a hold rating in a report published on Tuesday morning,Zacks.com reports.

Other research analysts have also issued research reports about the company. Northland Securities began coverage on Flotek Industries in a research note on Tuesday. They set a “market perform” rating and a $16.00 price target on the stock. Wall Street Zen lowered Flotek Industries from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Singular Research raised Flotek Industries to a “moderate buy” rating in a research report on Monday, March 17th. Finally, Alliance Global Partners initiated coverage on Flotek Industries in a research report on Thursday, June 12th. They issued a “buy” rating and a $19.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.33.

Flotek Industries Stock Down 7.2%

Shares of Flotek Industries stock opened at $14.86 on Tuesday. Flotek Industries has a fifty-two week low of $3.79 and a fifty-two week high of $16.87. The firm has a market cap of $443.57 million, a PE ratio of 33.02 and a beta of 1.39. The business’s fifty day moving average is $11.53 and its two-hundred day moving average is $9.53.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings results on Tuesday, May 6th. The oil and gas company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.11. Flotek Industries had a return on equity of 12.76% and a net margin of 7.09%. The company had revenue of $55.36 million for the quarter, compared to analyst estimates of $44.50 million. Equities research analysts anticipate that Flotek Industries will post 0.29 EPS for the current year.

Insider Buying and Selling

In related news, Director Matthew Wilks acquired 32,810 shares of the business’s stock in a transaction on Friday, May 9th. The shares were bought at an average cost of $11.71 per share, with a total value of $384,205.10. Following the completion of the transaction, the director now directly owns 72,006 shares of the company’s stock, valued at $843,190.26. This trade represents a 83.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have bought 149,766 shares of company stock valued at $1,841,758. 3.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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).