Flotek Industries (NYSE:FTK) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Flotek Industries, Inc. (NYSE:FTK) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $4.32 and traded as high as $4.94. Flotek Industries shares last traded at $4.80, with a volume of 39,207 shares changing hands.

Analysts Set New Price Targets

FTK has been the subject of a number of recent analyst reports. Roth Capital raised Flotek Industries to a “strong-buy” rating in a research report on Thursday, July 25th. Roth Mkm started coverage on shares of Flotek Industries in a report on Thursday, July 25th. They set a “buy” rating and a $6.50 price objective for the company. One analyst has rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.75.

Flotek Industries Trading Up 0.2 %

The stock has a fifty day simple moving average of $4.64 and a 200-day simple moving average of $4.33. The stock has a market cap of $144.73 million, a price-to-earnings ratio of 121.00 and a beta of 1.03.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, August 6th. The oil and gas company reported $0.06 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.06. The business had revenue of $46.15 million for the quarter, compared to the consensus estimate of $46.60 million. Flotek Industries had a net margin of 3.94% and a return on equity of 6.73%. During the same quarter last year, the company posted ($0.24) earnings per share. Sell-side analysts forecast that Flotek Industries, Inc. will post 0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Masters Capital Management LLC grew its position in Flotek Industries by 3.8% during the first quarter. Masters Capital Management LLC now owns 500,000 shares of the oil and gas company’s stock worth $1,870,000 after buying an additional 18,524 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Flotek Industries in the 3rd quarter worth approximately $137,000. Finally, Vanguard Group Inc. grew its holdings in shares of Flotek Industries by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock worth $2,039,000 after purchasing an additional 39,695 shares in the last quarter. Institutional investors and hedge funds own 10.90% of the company’s stock.

About Flotek Industries

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).