Truist Financial Corp Buys 27,473 Shares of Flotek Industries, Inc. $FTK

Key Points

• Truist Financial Corp increased its stake in Flotek Industries by 11.7%, owning 263,182 shares valued at approximately $3.89 million.
• Flotek recently reported earnings of $0.16 per share, exceeding analysts' expectations, and set a FY 2025 guidance predicting a 0.29 EPS for the current year.
• Several institutional investors, including S Squared Technology and Royce & Associates, have recently increased their stakes in Flotek, which is currently owned 10.90% by institutional investors.

Truist Financial Corp increased its stake in Flotek Industries, Inc. (NYSE:FTK - Free Report) by 11.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 263,182 shares of the oil and gas company's stock after purchasing an additional 27,473 shares during the quarter. Truist Financial Corp owned approximately 0.88% of Flotek Industries worth $3,885,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. S Squared Technology LLC bought a new stake in Flotek Industries during the 1st quarter valued at $2,170,000. Royce & Associates LP bought a new position in shares of Flotek Industries in the first quarter worth $1,167,000. Ritholtz Wealth Management bought a new position in shares of Flotek Industries in the first quarter worth $651,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Flotek Industries in the 1st quarter worth about $645,000. Finally, Cetera Investment Advisers bought a new position in shares of Flotek Industries in the first quarter worth approximately $628,000. 10.90% of the stock is currently owned by institutional investors.

Flotek Industries Stock Performance

NYSE:FTK opened at $16.37 on Thursday. The firm's fifty day simple moving average is $12.81 and its 200 day simple moving average is $12.06. The stock has a market cap of $488.78 million, a P/E ratio of 37.21 and a beta of 1.18. The company has a quick ratio of 1.36, a current ratio of 1.59 and a debt-to-equity ratio of 0.55. Flotek Industries, Inc. has a twelve month low of $4.70 and a twelve month high of $17.92.

Flotek Industries (NYSE:FTK - Get Free Report) last announced its earnings results on Tuesday, August 5th. The oil and gas company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $58.35 million for the quarter, compared to analyst estimates of $52.40 million. Flotek Industries had a net margin of 6.59% and a return on equity of 17.67%. Flotek Industries has set its FY 2025 guidance at EPS. As a group, research analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current year.

Insider Activity at Flotek Industries

In related news, CEO Ryan Gillis Ezell sold 87,187 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $12.26, for a total transaction of $1,068,912.62. Following the sale, the chief executive officer owned 156,855 shares of the company's stock, valued at $1,923,042.30. The trade was a 35.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Bond Clement sold 45,732 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $12.74, for a total transaction of $582,625.68. Following the sale, the chief financial officer directly owned 95,439 shares in the company, valued at $1,215,892.86. The trade was a 32.39% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.02% of the company's stock.

Analyst Upgrades and Downgrades

FTK has been the topic of a number of research analyst reports. Northland Capmk raised shares of Flotek Industries from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. Wall Street Zen raised Flotek Industries from a "hold" rating to a "buy" rating in a research note on Monday. Weiss Ratings reissued a "hold (c)" rating on shares of Flotek Industries in a research note on Wednesday. Alliance Global Partners initiated coverage on Flotek Industries in a research report on Thursday, June 12th. They set a "buy" rating and a $19.00 price objective on the stock. Finally, Northland Securities upgraded Flotek Industries from a "market perform" rating to an "outperform" rating and set a $16.00 price objective on the stock in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $14.33.

Flotek Industries Profile

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).

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