NEW YORK (TheStreet) -- Shares of Flotek Industries Inc. (FTK) closed up 9.78% to $23.68 on heavy trading volume today after the company reported 2014 third quarter revenue of $116.8 million, compared to $98.4 million for the same period a year ago.
The global supplier of drilling and production products reported net income of $14.3 million, or 26 cents per common share, compared to net income of $9 million, or 16 cents per common share for the same period a year ago, beating analysts' estimates of 24 cents a share.
"The acceleration of activity during the quarter and into the first weeks of October suggests that the recent volatility in commodity prices has not slowed our momentum and appears to have had little, if any, impact on our ability to continue our quest to gain market share across our product lines," CEO John Chisholm said.
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STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. By the end of the day on Thursday, 3.23 million shares had been traded compared to its average of 845,968.
Separately, TheStreet Ratings team rates FLOTEK INDUSTRIES INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: "We rate FLOTEK INDUSTRIES INC (FTK) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
You can view the full analysis from the report here: FTK Ratings Report
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