Kornitzer Capital Management Inc. KS Invests $876,000 in Flotek Industries, Inc. $FTK

Key Points

• Kornitzer Capital Management bought a new stake in Flotek Industries during the first quarter, purchasing 51,606 shares valued at about $876,000. The position represented 0.14% of Flotek’s stock.
• Other institutions also added to or initiated positions in Flotek, while institutional ownership overall stands at 10.90%. Meanwhile, CFO James Bond Clement sold 12,554 shares for about $252,084, trimming his holdings by 9.82%.
• Analysts remain constructive on the stock: JonesTrading initiated coverage with a buy rating and a $40 target, and the consensus rating is Moderate Buy with an average price target of $28.33. Flotek recently reported quarterly revenue above expectations but EPS slightly below estimates.

Kornitzer Capital Management Inc. KS purchased a new position in Flotek Industries, Inc. (NYSE:FTK - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 51,606 shares of the oil and gas company's stock, valued at approximately $876,000. Kornitzer Capital Management Inc. KS owned 0.14% of Flotek Industries as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Quarry LP lifted its position in Flotek Industries by 97.2% during the third 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 during the period. New York State Common Retirement Fund acquired a new stake in Flotek Industries during the second quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Flotek Industries in the 2nd quarter valued at about $115,000. Deutsche Bank AG bought a new position in Flotek Industries in the 4th quarter valued at about $150,000. Finally, Mangrove Partners IM LLC acquired a new position in shares of Flotek Industries in the 4th quarter valued at approximately $177,000. Institutional investors own 10.90% of the company's stock.

Insider Buying and Selling at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of the business's 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 sale, the chief financial officer owned 115,324 shares in the company, valued at $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 available at this hyperlink. 2.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JonesTrading began coverage on shares of Flotek Industries in a research report on Thursday. They set a "buy" rating and a $40.00 price target on the stock. Weiss Ratings upgraded Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, May 13th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Flotek Industries presently has a consensus rating of "Moderate Buy" and an average price target of $28.33.

Flotek Industries Price Performance

FTK stock opened at $25.52 on Monday. The stock has a market cap of $923.31 million, a price-to-earnings ratio of 32.72 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62. The company has a 50 day simple moving average of $21.50 and a 200 day simple moving average of $18.56. Flotek Industries, Inc. has a 1 year low of $10.95 and a 1 year high of $25.65.

Flotek Industries (NYSE:FTK - Get Free Report) last issued its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). The company had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. Research analysts anticipate that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

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.

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