Simcoe Capital LLC Invests $3.22 Million in Flotek Industries, Inc. $FTK

Simcoe Capital LLC acquired a new position in Flotek Industries, Inc. (NYSE:FTK) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 187,034 shares of the oil and gas company’s stock, valued at approximately $3,223,000. Flotek Industries makes up approximately 3.0% of Simcoe Capital LLC’s investment portfolio, making the stock its 18th largest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTK. Millennium Management LLC increased its stake in shares of Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after purchasing an additional 609,268 shares in the last quarter. Invesco Ltd. purchased a new stake in shares of Flotek Industries in the second quarter worth $4,436,000. Manatuck Hill Partners LLC purchased a new stake in shares of Flotek Industries in the third quarter worth $3,854,000. UBS Group AG increased its stake in shares of Flotek Industries by 512.8% in the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after purchasing an additional 194,951 shares in the last quarter. Finally, CenterBook Partners LP purchased a new stake in shares of Flotek Industries in the third quarter worth $2,563,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

Flotek Industries Stock Performance

Shares of NYSE FTK opened at $16.98 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83. The company has a market cap of $614.21 million, a P/E ratio of 21.77 and a beta of 1.39. The firm’s fifty day moving average is $16.59 and its two-hundred day moving average is $16.56. Flotek Industries, Inc. has a 52-week low of $10.95 and a 52-week high of $20.41.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $70.05 million during the quarter, compared to the consensus estimate of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. As a group, analysts anticipate that Flotek Industries, Inc. will post 0.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Friday, March 27th. Finally, Lake Street Capital began coverage on shares of Flotek Industries in a research note on Thursday, January 29th. They issued a “buy” rating and a $25.00 price objective for the company. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.33.

Insider Transactions at Flotek Industries

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of Flotek Industries stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the sale, the chief financial officer directly owned 122,837 shares in the company, valued at approximately $1,967,848.74. The trade was a 4.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.40% of the company’s stock.

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.