Sei Investments Co. Has $1.29 Million Stake in Flotek Industries, Inc. $FTK

Key Points

• Sei Investments doubled its Flotek Industries stake in the first quarter, purchasing 38,038 additional shares to own 76,076 shares valued at approximately $1.29 million.
• Analysts maintain a “Moderate Buy” consensus on FTK, with an average price target of $28.33 and JonesTrading setting a $40 target; the stock recently opened at $38.81.
• Flotek exceeded quarterly expectations, reporting $0.26 in earnings per share versus the $0.13 estimate and revenue of $99.37 million versus the $69.51 million consensus. CFO James Bond Clement separately sold 12,554 shares at an average price of $20.08.

Sei Investments Co. increased its stake in Flotek Industries, Inc. (NYSE:FTK - Free Report) by 100.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 76,076 shares of the oil and gas company's stock after purchasing an additional 38,038 shares during the quarter. Sei Investments Co. owned approximately 0.21% of Flotek Industries worth $1,291,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Quarry LP raised its position in shares of Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company's stock valued at $56,000 after purchasing an additional 1,900 shares during the period. New York State Common Retirement Fund bought a new position in Flotek Industries in the 2nd quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Flotek Industries in the 2nd quarter worth $115,000. Deutsche Bank AG acquired a new position in Flotek Industries during the 4th quarter worth $150,000. Finally, Mangrove Partners IM LLC bought a new stake in Flotek Industries during the fourth quarter valued at about $177,000. Institutional investors own 10.90% of the company's stock.

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Analysts Set New Price Targets

Several brokerages have recently issued reports on FTK. Weiss Ratings raised Flotek Industries from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, May 13th. JonesTrading assumed coverage on Flotek Industries in a research note on Thursday, July 9th. They set a "buy" rating and a $40.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Flotek Industries presently has a consensus rating of "Moderate Buy" and an average target price of $28.33.

Flotek Industries Stock Up 3.2%

Shares of FTK opened at $38.81 on Wednesday. The company has a 50-day simple moving average of $25.45 and a 200-day simple moving average of $20.20. The firm has a market capitalization of $1.41 billion, a P/E ratio of 39.20 and a beta of 1.43. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.50 and a current ratio of 1.78. Flotek Industries, Inc. has a 52 week low of $10.95 and a 52 week high of $38.89.

Flotek Industries (NYSE:FTK - Get Free Report) last released its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.13. Flotek Industries had a return on equity of 21.57% and a net margin of 12.97%.The business had revenue of $99.37 million for the quarter, compared to the consensus estimate of $69.51 million. On average, equities research analysts expect that Flotek Industries, Inc. will post 0.7 earnings per share for the current year.

Insider Activity

In other news, CFO James Bond Clement sold 12,554 shares of the business's stock in a transaction that occurred 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 directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.40% of the company's stock.

About Flotek Industries

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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