Federated Hermes Inc. Invests $1.67 Million in Flotek Industries, Inc. $FTK

Federated Hermes Inc. purchased a new position in shares of Flotek Industries, Inc. (NYSE:FTK) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 114,397 shares of the oil and gas company’s stock, valued at approximately $1,670,000. Federated Hermes Inc. owned 0.38% of Flotek Industries at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in Flotek Industries by 55.9% during 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. Invesco Ltd. purchased a new position in Flotek Industries during the second quarter worth about $4,436,000. Truist Financial Corp raised its holdings in Flotek Industries by 11.7% during the second quarter. Truist Financial Corp now owns 263,182 shares of the oil and gas company’s stock worth $3,885,000 after purchasing an additional 27,473 shares in the last quarter. Marshall Wace LLP lifted its position in Flotek Industries by 160.8% in the second quarter. Marshall Wace LLP now owns 206,344 shares of the oil and gas company’s stock valued at $3,046,000 after purchasing an additional 127,215 shares during the period. Finally, Kennedy Capital Management LLC boosted its holdings in Flotek Industries by 7.8% in the 2nd quarter. Kennedy Capital Management LLC now owns 141,465 shares of the oil and gas company’s stock valued at $2,088,000 after purchasing an additional 10,226 shares in the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

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

Flotek Industries Trading Down 3.3%

Shares of FTK stock opened at $17.53 on Thursday. The stock has a market cap of $526.95 million, a P/E ratio of 19.70 and a beta of 1.44. The company has a quick ratio of 1.54, a current ratio of 1.77 and a debt-to-equity ratio of 0.36. Flotek Industries, Inc. has a fifty-two week low of $6.05 and a fifty-two week high of $20.09. The business has a fifty day simple moving average of $16.91 and a 200-day simple moving average 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, beating analysts’ consensus estimates of $0.15 by $0.05. The firm had revenue of $56.03 million for the quarter, compared to analysts’ expectations of $52.90 million. Flotek Industries had a net margin of 14.48% and a return on equity of 22.62%. On average, analysts forecast that Flotek Industries, Inc. will post 0.29 earnings per share 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.