Flotek Industries (NYSE:FTK) CFO Sells $100,909.98 in Stock

Flotek Industries, Inc. (NYSE:FTK) CFO James Bond Clement sold 6,299 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the sale, the chief financial officer directly owned 122,837 shares in the company, valued at approximately $1,967,848.74. The trade was a 4.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Flotek Industries Stock Performance

Shares of Flotek Industries stock opened at $15.31 on Friday. The company has a market capitalization of $460.31 million, a PE ratio of 17.21 and a beta of 1.44. The company has a 50-day simple moving average of $17.31 and a two-hundred day simple moving average of $15.40. Flotek Industries, Inc. has a one year low of $6.05 and a one year high of $20.09. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Millennium Management LLC lifted its holdings in shares of Flotek Industries by 304.4% during the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after purchasing an additional 609,268 shares during the period. Invesco Ltd. purchased a new position in Flotek Industries during the 2nd quarter worth approximately $4,436,000. Manatuck Hill Partners LLC acquired a new stake in Flotek Industries during the 3rd quarter valued at approximately $3,854,000. UBS Group AG lifted its stake in Flotek Industries by 512.8% during the 3rd quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock valued at $3,401,000 after acquiring an additional 194,951 shares during the period. Finally, Bard Associates Inc. purchased a new stake in shares of Flotek Industries in the 4th quarter valued at $3,279,000. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

About Flotek Industries

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.