Flotek Industries (NYSE:FTK) Price Target Raised to $8.00

Flotek Industries (NYSE:FTK) had its price target lifted by Roth Mkm from $6.50 to $8.00 in a report published on Thursday,Benzinga reports. Roth Mkm currently has a buy rating on the oil and gas company’s stock.

Separately, Roth Capital upgraded shares of Flotek Industries to a “strong-buy” rating in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $7.50.

Flotek Industries Stock Performance

NYSE FTK traded up $0.44 during trading on Thursday, reaching $7.00. The company’s stock had a trading volume of 241,372 shares, compared to its average volume of 79,946. Flotek Industries has a twelve month low of $2.64 and a twelve month high of $7.24. The firm has a market cap of $208.68 million, a price-to-earnings ratio of 26.69 and a beta of 1.04. The business’s fifty day moving average price is $4.89 and its 200-day moving average price is $4.46.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Monday, November 4th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.01. The company had revenue of $49.74 million during the quarter, compared to the consensus estimate of $50.40 million. Flotek Industries had a net margin of 4.58% and a return on equity of 7.86%. During the same period in the previous year, the firm earned $0.04 earnings per share. As a group, sell-side analysts forecast that Flotek Industries will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FTK. Sanders Morris Harris LLC acquired a new position in Flotek Industries in the 3rd quarter valued at $137,000. Masters Capital Management LLC grew its holdings in Flotek Industries by 3.8% in the 1st quarter. Masters Capital Management LLC now owns 500,000 shares of the oil and gas company’s stock valued at $1,870,000 after buying an additional 18,524 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Flotek Industries by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock valued at $2,039,000 after buying an additional 39,695 shares in the last quarter. 10.90% of the stock is owned by institutional investors and hedge funds.

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).