Flotek Industries (NYSE:FTK) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Flotek Industries, Inc. (NYSE:FTK) shares 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.

Analyst Ratings Changes

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

Flotek Industries Trading Up 0.2 %

The stock has a market capitalization of $144.73 million, a price-to-earnings ratio of 121.00 and a beta of 1.03. The stock has a 50-day simple moving average of $4.64 and a 200 day simple moving average of $4.33.

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

Hedge Funds Weigh In On Flotek Industries

Hedge funds have recently modified their holdings of the stock. Sanders Morris Harris LLC purchased a new position in Flotek Industries in the third quarter valued at about $137,000. Masters Capital Management LLC grew its stake in shares of 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. increased its holdings in Flotek Industries by 7.9% in the first quarter. Vanguard Group Inc. now owns 545,246 shares of the oil and gas company’s stock worth $2,039,000 after buying an additional 39,695 shares during the last quarter. 10.90% of the stock is owned by institutional investors and hedge funds.

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).