Sei Investments Co. Purchases 38,038 Shares of Flotek Industries, Inc. $FTK

Sei Investments Co. raised its position in shares of Flotek Industries, Inc. (NYSE:FTK) by 100.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,076 shares of the oil and gas company’s stock after buying an additional 38,038 shares during the period. Sei Investments Co.’s holdings in Flotek Industries were worth $1,291,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of FTK. Goldman Sachs Group Inc. increased its holdings in Flotek Industries by 27.9% during the 1st 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 in the last quarter. Jane Street Group LLC grew its holdings in shares of 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 worth $834,000 after purchasing an additional 47,018 shares during the last quarter. Acadian Asset Management LLC bought a new position in shares of Flotek Industries in the first quarter valued at about $332,000. Rhumbline Advisers lifted its position in Flotek Industries by 1,542.4% during the 2nd quarter. Rhumbline Advisers now owns 21,630 shares of the oil and gas company’s stock worth $319,000 after buying an additional 20,313 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Flotek Industries by 26.3% in the 2nd quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock valued at $578,000 after acquiring an additional 8,139 shares in the last quarter. 10.90% of the stock is owned by institutional investors and hedge funds.

Flotek Industries Price Performance

Shares of FTK stock opened at $38.81 on Wednesday. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 39.20 and a beta of 1.43. Flotek Industries, Inc. has a 12 month low of $10.95 and a 12 month high of $38.89. The company has a quick ratio of 1.50, a current ratio of 1.78 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $25.45 and a 200 day moving average price of $20.20.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The company had revenue of $99.37 million for the quarter, compared to analyst estimates of $69.51 million. Research analysts expect that Flotek Industries, Inc. will post 0.7 EPS for the current year.

Insider Buying and Selling

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the sale, the chief financial officer owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Analysts Set New Price Targets

FTK has been the subject of a number of research analyst reports. JonesTrading initiated coverage on shares of Flotek Industries in a research note on Thursday, July 9th. They issued a “buy” rating and a $40.00 target price for the company. Weiss Ratings upgraded shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.33.

Flotek Industries Company 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.