43,975 Flotek Industries, Inc. $FTK Shares Sold by Asset Management One Co. Ltd.

Key Points

• Asset Management One cut its Flotek Industries stake by 20.5%, selling 43,975 shares and retaining 170,030 shares worth approximately $4.99 million. Other institutions, including Squarepoint Ops and Round Rock Advisors, increased their holdings, while institutional investors collectively own 10.9% of FTK.
• Analyst sentiment remains positive, with Flotek receiving a consensus “Buy” rating and an average price target of $34.67. Lake Street Capital raised its target to $44, while Zacks upgraded the stock to “strong buy.”
• Flotek’s latest quarterly results exceeded expectations, reporting $0.26 in EPS versus the $0.13 consensus and revenue of $99.37 million versus estimates of $69.51 million. FTK opened at $25.34, compared with a 52-week range of $13.19 to $39.67.

Asset Management One Co. Ltd. lowered its stake in shares of Flotek Industries, Inc. (NYSE:FTK - Free Report) by 20.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 170,030 shares of the oil and gas company's stock after selling 43,975 shares during the period. Asset Management One Co. Ltd. owned about 0.47% of Flotek Industries worth $4,985,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTK. Inspire Investing LLC purchased a new stake in shares of Flotek Industries in the third quarter valued at $656,000. Range Financial Group LLC bought a new position in Flotek Industries during the 3rd quarter worth approximately $1,560,000. State of Alaska Department of Revenue bought a new position in shares of Flotek Industries during the 3rd quarter worth approximately $37,000. Squarepoint Ops LLC boosted its holdings in shares of Flotek Industries by 51.8% during the 2nd quarter. Squarepoint Ops LLC now owns 111,425 shares of the oil and gas company's stock valued at $2,621,000 after acquiring an additional 38,046 shares in the last quarter. Finally, Round Rock Advisors LLC boosted its holdings in Flotek Industries by 203.4% in the second quarter. Round Rock Advisors LLC now owns 81,471 shares of the oil and gas company's stock worth $1,916,000 after acquiring an additional 54,620 shares in the last quarter. Institutional investors and hedge funds own 10.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. JonesTrading assumed coverage on shares of Flotek Industries in a research note on Thursday, July 9th. They issued a "buy" rating and a $40.00 price target for the company. Weiss Ratings lowered Flotek Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday. Lake Street Capital boosted their price target on shares of Flotek Industries from $40.00 to $44.00 and gave the stock a "buy" rating in a research note on Tuesday, September 15th. Finally, Zacks Research upgraded shares of Flotek Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $34.67.

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the company's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $26.01, for a total value of $60,000,024.06. Following the transaction, the insider owned 3,693,194 shares of the company's stock, valued at $96,059,975.94. This represents a 38.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew Wilks acquired 1,319,493 shares of Flotek Industries stock in a transaction dated Friday, September 11th. The stock was purchased at an average price of $26.01 per share, with a total value of $34,320,012.93. Following the completion of the purchase, the director owned 1,477,285 shares of the company's stock, valued at approximately $38,424,182.85. The trade was a 836.22% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 2.40% of the company's stock.

Flotek Industries Trading Down 0.0%

FTK stock opened at $25.34 on Monday. The company has a fifty day moving average price of $26.53 and a two-hundred day moving average price of $22.04. The stock has a market cap of $917.81 million, a price-to-earnings ratio of 25.60 and a beta of 1.55. Flotek Industries, Inc. has a one year low of $13.19 and a one year high of $39.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.78 and a quick ratio of 1.50.

Flotek Industries (NYSE:FTK - Get Free Report) last announced 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. The company had revenue of $99.37 million for the quarter, compared to analysts' expectations of $69.51 million. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%. Equities analysts anticipate that Flotek Industries, Inc. will post 0.79 EPS for the current year.

Flotek Industries Profile

Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.

Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.

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