Flotek Industries, Inc. (NYSE:FTK – Get Free Report) shares saw an uptick in trading volume on Monday . 466,701 shares changed hands during mid-day trading, an increase of 42% from the previous session’s volume of 328,243 shares.The stock last traded at $31.5950 and had previously closed at $35.83.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on FTK. Weiss Ratings reissued a “buy (b-)” rating on shares of Flotek Industries in a research report on Friday, August 7th. JonesTrading started coverage on Flotek Industries in a research note on Thursday, July 9th. They issued a “buy” rating and a $40.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $28.33.
Get Our Latest Report on Flotek Industries
Flotek Industries Price Performance
Flotek Industries (NYSE:FTK – Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.13. The company had revenue of $99.37 million during the quarter, compared to analyst estimates of $69.51 million. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. Sell-side analysts anticipate that Flotek Industries, Inc. will post 0.7 earnings per share for the current year.
Hedge Funds Weigh In On Flotek Industries
Several institutional investors have recently made changes to their positions in FTK. Goldman Sachs Group Inc. increased its holdings in shares of Flotek Industries by 27.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after acquiring an additional 26,400 shares during the period. Jane Street Group LLC raised its stake in shares of Flotek Industries by 88.5% in the 1st quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after buying an additional 47,018 shares in the last quarter. Acadian Asset Management LLC bought a new position in Flotek Industries during the first quarter valued at about $332,000. Rhumbline Advisers boosted its stake in Flotek Industries by 1,542.4% during the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock valued at $319,000 after buying an additional 20,313 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Flotek Industries by 26.3% in the 2nd quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after acquiring an additional 8,139 shares during the last quarter. 10.90% of the stock is owned by institutional investors.
Flotek Industries Company Profile
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.
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