CenterBook Partners LP Buys 113,507 Shares of Flotek Industries, Inc. $FTK

CenterBook Partners LP raised its stake in shares of Flotek Industries, Inc. (NYSE:FTK) by 64.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 289,026 shares of the oil and gas company’s stock after purchasing an additional 113,507 shares during the period. CenterBook Partners LP’s holdings in Flotek Industries were worth $4,980,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FTK. Goldman Sachs Group Inc. grew its holdings in Flotek Industries by 27.9% during the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock valued at $1,007,000 after purchasing an additional 26,400 shares during the period. Jane Street Group LLC grew its holdings in Flotek Industries by 88.5% during the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock valued at $834,000 after purchasing an additional 47,018 shares during the period. Acadian Asset Management LLC bought a new stake in Flotek Industries during the first quarter valued at about $332,000. Rhumbline Advisers grew its holdings in Flotek Industries by 1,542.4% during the second quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock valued at $319,000 after purchasing an additional 20,313 shares during the period. Finally, American Century Companies Inc. grew its holdings in Flotek Industries by 26.3% during the second quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after purchasing an additional 8,139 shares during the period. Institutional investors own 10.90% of the company’s stock.

Insider Buying and Selling at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the transaction, the chief financial officer owned 115,324 shares of the company’s stock, valued at $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Stock Performance

NYSE FTK opened at $23.55 on Monday. The firm has a market cap of $852.18 million, a price-to-earnings ratio of 30.20 and a beta of 1.43. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The business has a 50-day moving average price of $17.98 and a 200-day moving average price of $17.15. Flotek Industries, Inc. has a twelve month low of $10.95 and a twelve month high of $25.54.

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

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.