Roth Capital Raises Earnings Estimates for Flotek Industries

Flotek Industries, Inc. (NYSE:FTK) – Equities researchers at Roth Capital increased their FY2024 earnings estimates for shares of Flotek Industries in a research note issued on Thursday, November 7th. Roth Capital analyst G. Sweeney now anticipates that the oil and gas company will earn $0.29 per share for the year, up from their prior forecast of $0.27. Roth Capital has a “Strong-Buy” rating on the stock. The consensus estimate for Flotek Industries’ current full-year earnings is $0.27 per share. Roth Capital also issued estimates for Flotek Industries’ Q4 2024 earnings at $0.10 EPS.

Separately, Roth Mkm raised their target price on shares of Flotek Industries from $6.50 to $8.00 and gave the company a “buy” rating in a research report on Thursday.

Flotek Industries Price Performance

FTK stock opened at $6.97 on Friday. Flotek Industries has a 1-year low of $2.64 and a 1-year high of $7.24. The business has a 50-day moving average price of $4.94 and a 200 day moving average price of $4.49. The company has a market capitalization of $207.78 million, a P/E ratio of 26.81 and a beta of 1.04.

Flotek Industries (NYSE:FTK) last issued its earnings results on Monday, November 4th. The oil and gas company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The business had revenue of $49.74 million during the quarter, compared to analyst estimates of $50.40 million. During the same period in the previous year, the company posted $0.04 EPS.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in 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 position 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 worth $1,870,000 after buying an additional 18,524 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake 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 acquiring an additional 39,695 shares in the last quarter. 10.90% of the stock is owned by institutional investors.

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).