Royce & Associates LP Has $5.23 Million Stock Holdings in Flotek Industries, Inc. $FTK

Key Points

• Royce & Associates LP increased its stake in Flotek by 44.4% in Q3 to 358,249 shares, representing about 1.20% ownership and valued at approximately $5.23 million.
• Shares of Flotek opened at $17.44 (up 8.1%), trading within a 52-week range of $6.05–$20.09; the company has a market cap of about $524.3 million and a P/E of 19.6.
• Analysts are mixed but generally positive with a consensus rating of “Moderate Buy”—three Buy and two Hold ratings—and a consensus price target of $21.33.

Royce & Associates LP boosted its stake in shares of Flotek Industries, Inc. (NYSE:FTK - Free Report) by 44.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 358,249 shares of the oil and gas company's stock after buying an additional 110,192 shares during the period. Royce & Associates LP owned approximately 1.20% of Flotek Industries worth $5,230,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its position in shares of Flotek Industries by 27.9% during the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company's stock worth $1,007,000 after acquiring an additional 26,400 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Flotek Industries by 88.5% in the first quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company's stock valued at $834,000 after purchasing an additional 47,018 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Flotek Industries during the first quarter worth about $332,000. Los Angeles Capital Management LLC bought a new position in shares of Flotek Industries during the second quarter worth about $243,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Flotek Industries in the 2nd quarter valued at approximately $229,000. Institutional investors own 10.90% of the company's stock.

Flotek Industries Stock Up 8.1%

Shares of FTK opened at $17.44 on Thursday. Flotek Industries, Inc. has a 52 week low of $6.05 and a 52 week high of $20.09. The firm's 50-day simple moving average is $17.22 and its 200 day simple moving average is $15.49. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77. The firm has a market cap of $524.25 million, a P/E ratio of 19.60 and a beta of 1.45.

Insider Buying and Selling at Flotek Industries

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of the firm's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer directly owned 122,837 shares of the company's stock, valued at $1,967,848.74. This trade represents a 4.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.02% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on FTK. Northland Securities reaffirmed an "outperform" rating and set a $20.00 price target on shares of Flotek Industries in a research report on Wednesday, December 31st. Zacks Research downgraded shares of Flotek Industries from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 3rd. Wall Street Zen downgraded shares of Flotek Industries from a "buy" rating to a "hold" rating in a research report on Sunday, November 16th. Weiss Ratings reissued a "hold (c+)" rating on shares of Flotek Industries in a research report on Monday, December 29th. Finally, Lake Street Capital initiated coverage on Flotek Industries in a report on Thursday, January 29th. They issued a "buy" rating and a $25.00 price objective for the company. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $21.33.

Flotek Industries 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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