Royce & Associates LP Acquires 110,192 Shares of Flotek Industries, Inc. $FTK

Royce & Associates LP grew its holdings in shares of Flotek Industries, Inc. (NYSE:FTK) by 44.4% in the 3rd quarter, Holdings Channel reports. The fund owned 358,249 shares of the oil and gas company’s stock after buying an additional 110,192 shares during the period. Royce & Associates LP’s holdings in Flotek Industries were worth $5,230,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FTK. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Flotek Industries during the 2nd quarter valued at approximately $50,000. New York State Common Retirement Fund acquired a new stake in Flotek Industries in the second quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Flotek Industries during the second quarter worth $115,000. D Orazio & Associates Inc. bought a new stake in shares of Flotek Industries during the second quarter worth $153,000. Finally, AlphaQuest LLC increased its holdings in shares of Flotek Industries by 5,481.5% during the third quarter. AlphaQuest LLC now owns 12,670 shares of the oil and gas company’s stock worth $185,000 after buying an additional 12,443 shares in the last quarter. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Flotek Industries

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total transaction of $100,909.98. Following the completion of the transaction, the chief financial officer owned 122,837 shares in the company, valued at approximately $1,967,848.74. This trade represents a 4.88% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.02% of the company’s stock.

Flotek Industries Price Performance

Shares of FTK opened at $17.44 on Thursday. The business has a 50-day moving average of $17.22 and a 200-day moving average of $15.49. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. The company has a market capitalization of $524.25 million, a price-to-earnings ratio of 19.60 and a beta of 1.45. Flotek Industries, Inc. has a 1 year low of $6.05 and a 1 year high of $20.09.

Analysts Set New Price Targets

FTK has been the topic of several recent research reports. Zacks Research downgraded Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Lake Street Capital started coverage on Flotek Industries in a research note on Thursday, January 29th. They set a “buy” rating and a $25.00 price target on the stock. Northland Securities reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Flotek Industries in a research note on Wednesday, December 31st. Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a report on Sunday, November 16th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Flotek Industries presently has an average rating of “Moderate Buy” and an average price target 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.