Federated Hermes Inc. Makes New $1.67 Million Investment in Flotek Industries, Inc. $FTK

Federated Hermes Inc. purchased a new position in shares of Flotek Industries, Inc. (NYSE:FTK) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 114,397 shares of the oil and gas company’s stock, valued at approximately $1,670,000.

Several other institutional investors and hedge funds have also modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Flotek Industries in the second quarter valued at $371,000. Truist Financial Corp boosted its stake in Flotek Industries by 11.7% in the 2nd quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company’s stock worth $3,885,000 after buying an additional 27,473 shares during the last quarter. Geode Capital Management LLC boosted its stake in Flotek Industries by 55.9% in the 2nd quarter. Geode Capital Management LLC now owns 485,413 shares of the oil and gas company’s stock worth $7,167,000 after buying an additional 174,144 shares during the last quarter. State of Wyoming acquired a new position in shares of Flotek Industries during the 2nd quarter valued at about $548,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Flotek Industries during the 2nd quarter worth about $229,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Wall Street Analysts Forecast Growth

FTK has been the subject of a number of recent analyst reports. Northland Securities restated an “outperform” rating and issued a $20.00 target price on shares of Flotek Industries in a report on Wednesday, December 31st. Zacks Research upgraded shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Lake Street Capital initiated coverage on Flotek Industries in a research report on Thursday, January 29th. They issued a “buy” rating and a $25.00 target price on the stock. Finally, Wall Street Zen downgraded Flotek Industries from a “buy” rating to a “hold” rating in a research report on Sunday, November 16th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $21.33.

Insider Activity at Flotek Industries

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $14.71, for a total transaction of $984,922.76. Following the transaction, the director directly owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. The trade was a 25.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 3.02% of the company’s stock.

Flotek Industries Stock Down 3.3%

Shares of Flotek Industries stock opened at $17.53 on Thursday. Flotek Industries, Inc. has a twelve month low of $6.05 and a twelve month high of $20.09. The stock has a market cap of $526.95 million, a price-to-earnings ratio of 19.70 and a beta of 1.44. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average price of $16.91 and a 200 day moving average price of $14.89.

Flotek Industries (NYSE:FTK) last issued its quarterly earnings data on Tuesday, November 4th. The oil and gas company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.05. Flotek Industries had a return on equity of 22.62% and a net margin of 14.48%.The company had revenue of $56.03 million for the quarter, compared to analysts’ expectations of $52.90 million. Equities research analysts forecast that Flotek Industries, Inc. will post 0.29 earnings per share for the current fiscal 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.