CenterBook Partners LP Sells 236,314 Shares of Flotek Industries, Inc. $FTK

Key Points

• CenterBook Partners cut its Flotek stake by 82.6%, selling 236,314 shares and ending the quarter with 49,911 shares valued at about $1.46 million. Institutional investors collectively own 10.9% of the company.
• Flotek reported quarterly EPS of $0.34, beating the $0.21 consensus, while revenue of $114.35 million exceeded estimates of $94.36 million.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $34.67; Lake Street Capital raised its target to $44.

CenterBook Partners LP reduced its holdings in Flotek Industries, Inc. (NYSE:FTK - Free Report) by 82.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,911 shares of the oil and gas company's stock after selling 236,314 shares during the quarter. CenterBook Partners LP owned 0.14% of Flotek Industries worth $1,463,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of Flotek Industries by 71.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 691,593 shares of the oil and gas company's stock worth $11,736,000 after buying an additional 288,064 shares in the last quarter. Masters Capital Management LLC raised its holdings in shares of Flotek Industries by 8.9% in the 1st quarter. Masters Capital Management LLC now owns 1,089,438 shares of the oil and gas company's stock worth $18,488,000 after purchasing an additional 89,438 shares in the last quarter. Round Rock Advisors LLC lifted its stake in Flotek Industries by 203.4% during the second quarter. Round Rock Advisors LLC now owns 81,471 shares of the oil and gas company's stock valued at $1,916,000 after purchasing an additional 54,620 shares during the last quarter. Range Financial Group LLC acquired a new stake in Flotek Industries during the third quarter valued at approximately $1,560,000. Finally, Kornitzer Capital Management Inc. KS acquired a new stake in Flotek Industries during the first quarter valued at approximately $876,000. 10.90% of the stock is currently owned by institutional investors.

Flotek Industries Stock Up 6.3%

FTK stock opened at $25.99 on Tuesday. The company has a market cap of $941.25 million, a price-to-earnings ratio of 32.48 and a beta of 1.55. Flotek Industries, Inc. has a 12-month low of $13.19 and a 12-month high of $39.67. The company has a quick ratio of 1.50, a current ratio of 2.30 and a debt-to-equity ratio of 0.49. The company has a 50 day moving average of $26.56 and a two-hundred day moving average of $22.28.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its earnings results on Tuesday, November 3rd. The oil and gas company reported $0.34 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.13. The firm had revenue of $114.35 million for the quarter, compared to the consensus estimate of $94.36 million. Flotek Industries had a return on equity of 24.56% and a net margin of 8.81%. On average, equities analysts anticipate that Flotek Industries, Inc. will post 0.90 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Matthew Wilks purchased 1,319,493 shares of the stock in a transaction on Friday, September 11th. The shares were bought at an average price of $26.01 per share, for a total transaction of $34,320,012.93. Following the completion of the acquisition, the director directly owned 1,477,285 shares in the company, valued at approximately $38,424,182.85. This trade represents a 836.22% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of Flotek Industries stock in a transaction on Friday, September 11th. The stock was sold at an average price of $26.01, for a total transaction of $60,000,024.06. Following the completion of the transaction, the insider owned 3,693,194 shares in the company, valued at $96,059,975.94. This trade represents a 38.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.40% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on FTK. Zacks Research upgraded shares of Flotek Industries from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Lake Street Capital upped their price target on Flotek Industries from $40.00 to $44.00 and gave the company a "buy" rating in a report on Tuesday, September 15th. Finally, Weiss Ratings cut Flotek Industries from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $34.67.

About Flotek Industries

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.

Want to see what other hedge funds are holding FTK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flotek Industries, Inc. (NYSE:FTK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.