Flotek Industries, Inc. $FTK Shares Sold by Acuitas Investments LLC

Acuitas Investments LLC lessened its stake in shares of Flotek Industries, Inc. (NYSE:FTK) by 22.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 203,469 shares of the oil and gas company’s stock after selling 57,874 shares during the quarter. Flotek Industries accounts for 1.9% of Acuitas Investments LLC’s investment portfolio, making the stock its 28th biggest position. Acuitas Investments LLC owned 0.68% of Flotek Industries worth $2,971,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Flotek Industries during the second quarter worth about $371,000. Federated Hermes Inc. acquired a new position in Flotek Industries during the 3rd quarter valued at approximately $1,670,000. EVR Research LP acquired a new stake in shares of Flotek Industries in the 3rd quarter worth about $2,044,000. Geode Capital Management LLC increased its stake in shares of Flotek Industries by 55.9% in the second quarter. Geode Capital Management LLC now owns 485,413 shares of the oil and gas company’s stock valued at $7,167,000 after purchasing an additional 174,144 shares during the period. Finally, Navellier & Associates Inc. increased its position in Flotek Industries by 98.1% in the 3rd quarter. Navellier & Associates Inc. now owns 82,529 shares of the oil and gas company’s stock valued at $1,205,000 after acquiring an additional 40,868 shares during the period. 10.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Zacks Research downgraded Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Lake Street Capital began coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price target for the company. Northland Securities restated an “outperform” rating and set a $20.00 price objective on shares of Flotek Industries in a research report on Wednesday, December 31st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Flotek Industries currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

Insiders Place Their Bets

In related news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total transaction of $100,909.98. Following the completion of the transaction, the chief financial officer owned 122,837 shares in the company, valued at approximately $1,967,848.74. This represents a 4.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.02% of the stock is currently owned by company insiders.

Flotek Industries Stock Performance

FTK stock opened at $17.03 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.80 and a quick ratio of 1.63. Flotek Industries, Inc. has a fifty-two week low of $6.05 and a fifty-two week high of $20.41. The stock has a market capitalization of $511.77 million, a PE ratio of 20.51 and a beta of 1.45. The company has a 50 day moving average price of $17.12 and a 200 day moving average price of $15.86.

Flotek Industries (NYSE:FTK) last released its quarterly earnings data on Wednesday, March 11th. The oil and gas company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.07). The company had revenue of $67.52 million during the quarter, compared to the consensus estimate of $53.37 million. Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. Analysts forecast that Flotek Industries, Inc. will post 0.29 EPS for the current year.

Flotek Industries Company Profile

Flotek Industries, Inc (NYSE: FTK) is a Houston-based oilfield services provider specializing in innovative chemical technologies for the upstream energy sector. The company develops, manufactures and markets specialty drilling fluids, completion fluids and production chemicals that enhance drilling efficiency, optimize well performance and mitigate operational risks. Flotek’s solutions are designed to improve drilling rates of penetration, reduce nonproductive time and address challenging downhole environments, including high-pressure/high-temperature wells and sour service conditions.

Flotek’s operations are organized into three core business segments: Drilling & Completion Fluids, Production Chemicals & Process Management, and Water Solutions.