Royce & Associates LP Acquires 148,876 Shares of Flotek Industries, Inc. $FTK

Royce & Associates LP raised its holdings in shares of Flotek Industries, Inc. (NYSE:FTK) by 41.6% during the fourth quarter, Holdings Channel.com reports. The fund owned 507,125 shares of the oil and gas company’s stock after buying an additional 148,876 shares during the period. Royce & Associates LP’s holdings in Flotek Industries were worth $8,738,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Federated Hermes Inc. bought a new stake in shares of Flotek Industries during the third quarter valued at approximately $1,670,000. Hollow Brook Wealth Management LLC bought a new stake in shares of Flotek Industries during the third quarter valued at approximately $1,393,000. EVR Research LP bought a new stake in shares of Flotek Industries during the third quarter valued at approximately $2,044,000. Navellier & Associates Inc. grew its stake in Flotek Industries by 98.1% during the third 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 in the last quarter. Finally, CenterBook Partners LP purchased a new position in Flotek Industries during the third quarter valued at $2,563,000. 10.90% of the stock is owned by institutional investors.

Flotek Industries Trading Down 3.3%

FTK stock opened at $20.38 on Friday. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. Flotek Industries, Inc. has a twelve month low of $10.95 and a twelve month high of $22.24. The stock has a market capitalization of $737.28 million, a price-to-earnings ratio of 26.13 and a beta of 1.39. The firm’s fifty day simple moving average is $17.29 and its two-hundred day simple moving average is $16.83.

Flotek Industries (NYSE:FTK) last released its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The firm had revenue of $70.05 million during the quarter, compared to the consensus estimate of $63.08 million. As a group, analysts anticipate that Flotek Industries, Inc. will post 0.6 earnings per share for the current year.

Insider Activity at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the transaction, the chief financial officer directly owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTK. Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Lake Street Capital assumed 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, Zacks Research downgraded Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Four investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

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.