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% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 507,125 shares of the oil and gas company’s stock after purchasing an additional 148,876 shares during the period. Royce & Associates LP owned 1.69% of Flotek Industries worth $8,738,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTK. Rhumbline Advisers raised its holdings in Flotek Industries by 3.6% in the 3rd quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock worth $327,000 after purchasing an additional 770 shares in the last quarter. Quarry LP raised its holdings in Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares in the last quarter. Bank of America Corp DE raised its position in shares of Flotek Industries by 3.8% in the 3rd quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock worth $1,147,000 after acquiring an additional 2,861 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Flotek Industries by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 49,515 shares of the oil and gas company’s stock worth $853,000 after acquiring an additional 4,330 shares in the last quarter. Finally, Ritholtz Wealth Management raised its position in shares of Flotek Industries by 8.8% in the 4th quarter. Ritholtz Wealth Management now owns 81,017 shares of the oil and gas company’s stock worth $1,396,000 after acquiring an additional 6,561 shares in the last quarter. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Stock Performance

Shares of FTK opened at $20.38 on Friday. The company has a market cap of $737.28 million, a price-to-earnings ratio of 26.13 and a beta of 1.39. Flotek Industries, Inc. has a 12 month low of $10.95 and a 12 month high of $22.24. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The business’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 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). 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 analysts’ expectations of $63.08 million. Research analysts anticipate that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTK has been the subject of several research reports. Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Zacks Research lowered Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Finally, Lake Street Capital initiated coverage on Flotek Industries in a research report on Thursday, January 29th. They issued a “buy” rating and a $25.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $21.33.

Insiders Place Their Bets

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

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.