Principal Financial Group Inc. Takes $717,000 Position in Flotek Industries, Inc. $FTK

Principal Financial Group Inc. purchased a new position in shares of Flotek Industries, Inc. (NYSE:FTK) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 49,132 shares of the oil and gas company’s stock, valued at approximately $717,000. Principal Financial Group Inc. owned about 0.16% of Flotek Industries at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FTK. Invesco Ltd. purchased a new stake in Flotek Industries in the second quarter valued at approximately $4,436,000. Geode Capital Management LLC raised its position in 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. Marshall Wace LLP lifted its position in Flotek Industries by 160.8% during the 2nd quarter. Marshall Wace LLP now owns 206,344 shares of the oil and gas company’s stock worth $3,046,000 after acquiring an additional 127,215 shares in the last quarter. Federated Hermes Inc. purchased a new position in shares of Flotek Industries in the third quarter valued at $1,670,000. Finally, Raymond James Financial Inc. purchased a new position in Flotek Industries in the 2nd quarter valued at about $1,151,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on FTK shares. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Wall Street Zen cut Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Lake Street Capital started coverage on shares of Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Northland Securities reissued an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a report on Wednesday, December 31st. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Stock Down 0.3%

Shares of NYSE FTK opened at $17.36 on Thursday. The firm has a 50 day moving average price of $17.27 and a 200 day moving average price of $15.24. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77. The stock has a market cap of $521.69 million, a P/E ratio of 19.50 and a beta of 1.44. Flotek Industries, Inc. has a 52-week low of $6.05 and a 52-week high of $20.09.

Flotek Industries 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.