Flotek Industries, Inc. $FTK Holdings Cut by Hollow Brook Wealth Management LLC

Key Points

• Hollow Brook Wealth Management cut its Flotek Industries stake by 55.7% in the third quarter, selling 51,290 shares and retaining 40,761 shares valued at approximately $1.2 million. Institutional investors collectively own 10.9% of FTK.
• Flotek reported quarterly EPS of $0.26, exceeding the $0.13 analyst consensus, while revenue of $99.37 million also surpassed estimates of $69.51 million. Analysts expect full-year EPS of approximately $0.79.
• Wall Street remains positive on FTK, with a consensus “Buy” rating and an average price target of $34.67, compared with the reported share price of $25.34.

Hollow Brook Wealth Management LLC trimmed its stake in Flotek Industries, Inc. (NYSE:FTK - Free Report) by 55.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,761 shares of the oil and gas company's stock after selling 51,290 shares during the quarter. Hollow Brook Wealth Management LLC owned 0.11% of Flotek Industries worth $1,195,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new position in shares of Flotek Industries during the third quarter valued at $37,000. Vise Technologies Inc. bought a new position in Flotek Industries in the 3rd quarter worth about $209,000. Prosperitas Financial LLC bought a new position in Flotek Industries in the 3rd quarter worth about $251,000. Inspire Investing LLC bought a new position in Flotek Industries in the 3rd quarter worth about $656,000. Finally, AWM Investment Company Inc. purchased a new stake in Flotek Industries during the 2nd quarter valued at about $706,000. 10.90% of the stock is owned by hedge funds and other institutional investors.

Flotek Industries Price Performance

Shares of NYSE:FTK opened at $25.34 on Monday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. The firm has a market cap of $917.81 million, a price-to-earnings ratio of 25.60 and a beta of 1.55. The business has a 50-day simple moving average of $26.53 and a two-hundred day simple moving average of $22.04. Flotek Industries, Inc. has a fifty-two week low of $13.19 and a fifty-two week high of $39.67.

Flotek Industries (NYSE:FTK - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.13 by $0.13. The firm had revenue of $99.37 million for the quarter, compared to the consensus estimate of $69.51 million. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. On average, analysts expect that Flotek Industries, Inc. will post 0.79 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Matthew Wilks acquired 1,319,493 shares of the stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The acquisition 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 the firm's stock in a transaction that occurred 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 sale, the insider owned 3,693,194 shares in the company, valued at $96,059,975.94. This represents a 38.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FTK shares. Zacks Research upgraded shares of Flotek Industries from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. Lake Street Capital lifted their target price on shares of Flotek Industries from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Tuesday, September 15th. Weiss Ratings downgraded shares of Flotek Industries from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday. Finally, JonesTrading started 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 on the stock. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat, Flotek Industries presently has a consensus rating of "Buy" and an average target price of $34.67.

Flotek Industries Company 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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