Flotek Industries (NYSE:FTK) Share Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Shares of Flotek Industries, Inc. (NYSE:FTK) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $14.57 and traded as high as $16.88. Flotek Industries shares last traded at $16.7490, with a volume of 327,501 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Zacks Research upgraded Flotek Industries from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 5th. Northland Securities restated an “outperform” rating and set a $20.00 target price on shares of Flotek Industries in a report on Wednesday, December 31st. Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Flotek Industries currently has a consensus rating of “Buy” and a consensus price target of $19.50.

Flotek Industries Stock Down 3.6%

The firm’s fifty day simple moving average is $16.20 and its 200 day simple moving average is $14.58. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36. The company has a market cap of $484.06 million, a price-to-earnings ratio of 18.09 and a beta of 1.45.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.05. The business had revenue of $56.03 million during the quarter, compared to analysts’ expectations of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. Sell-side analysts predict that Flotek Industries, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $14.71, for a total value of $984,922.76. Following the transaction, the director owned 197,265 shares in the company, valued at approximately $2,901,768.15. This represents a 25.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.02% of the company’s stock.

Hedge Funds Weigh In On Flotek Industries

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in shares of Flotek Industries by 304.4% in the 3rd quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock valued at $11,817,000 after buying an additional 609,268 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Flotek Industries during the second quarter worth about $4,436,000. Manatuck Hill Partners LLC purchased a new position in shares of Flotek Industries during the third quarter worth about $3,854,000. UBS Group AG increased its position in shares of Flotek Industries by 512.8% during the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after purchasing an additional 194,951 shares in the last quarter. Finally, CenterBook Partners LP purchased a new stake in shares of Flotek Industries in the 3rd quarter valued at about $2,563,000. 10.90% of the stock is owned by institutional investors and hedge funds.

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.