Flotek Industries, Inc. $FTK Position Trimmed by Royce & Associates LP

Royce & Associates LP lowered its holdings in shares of Flotek Industries, Inc. (NYSE:FTK) by 11.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 979,333 shares of the oil and gas company’s stock after selling 125,799 shares during the period. Royce & Associates LP owned 2.70% of Flotek Industries worth $28,714,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new position in Flotek Industries in the third quarter valued at $37,000. Vise Technologies Inc. acquired a new stake in shares of Flotek Industries during the third quarter worth about $209,000. Principal Financial Group Inc. boosted its stake in shares of Flotek Industries by 10.4% during the first quarter. Principal Financial Group Inc. now owns 80,480 shares of the oil and gas company’s stock worth $1,366,000 after buying an additional 7,564 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Flotek Industries by 11.1% during the third quarter. Russell Investments Group Ltd. now owns 77,009 shares of the oil and gas company’s stock worth $2,258,000 after buying an additional 7,685 shares during the period. Finally, Prosperitas Financial LLC purchased a new position in shares of Flotek Industries during the third quarter worth about $251,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

Flotek Industries Stock Performance

FTK traded down $0.60 during trading on Friday, hitting $25.23. The stock had a trading volume of 193,563 shares, compared to its average volume of 309,669. The firm has a market capitalization of $915.38 million, a P/E ratio of 31.54 and a beta of 1.55. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.94 and a current ratio of 2.30. Flotek Industries, Inc. has a twelve month low of $13.19 and a twelve month high of $39.67. The company’s 50-day moving average price is $26.74 and its 200 day moving average price is $22.44.

Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, November 3rd. The oil and gas company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.21 by $0.13. The company had revenue of $114.35 million during the quarter, compared to analysts’ expectations of $94.36 million. Flotek Industries had a net margin of 8.81% and a return on equity of 24.56%. On average, equities research analysts forecast that Flotek Industries, Inc. will post 0.90 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings cut Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 30th. Lake Street Capital upped their price objective on Flotek Industries from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Tuesday, September 15th. Finally, Zacks Research raised Flotek Industries from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $34.67.

Insider Activity

In other news, Director Matthew Wilks acquired 1,319,493 shares of Flotek Industries stock in a transaction that occurred on Friday, September 11th. The stock was purchased at an average price of $26.01 per share, for a total transaction of $34,320,012.93. Following the completion of the transaction, the director directly owned 1,477,285 shares in the company, valued at approximately $38,424,182.85. This trade represents a 836.22% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of Flotek Industries stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $26.01, for a total value of $60,000,024.06. Following the completion of the sale, the insider directly owned 3,693,194 shares in the company, valued at $96,059,975.94. This represents a 38.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.40% of the company’s stock.

Flotek Industries Company Profile

Flotek Industries is a technology-focused company serving the energy industry with specialty chemistry and data analytics. Its energy chemistry business develops and supplies chemical products used in oil and natural gas drilling, completion, production and other well operations. Through its data analytics business, Flotek provides measurement and analytical services that help energy customers monitor production and make operational decisions. Its offerings combine field data with laboratory analysis and chemistry expertise.