Truist Financial Corp lowered its stake in Flotek Industries, Inc. (NYSE:FTK – Free Report) by 27.5% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 190,926 shares of the oil and gas company’s stock after selling 72,256 shares during the period. Truist Financial Corp’s holdings in Flotek Industries were worth $3,290,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP boosted its stake in shares of Flotek Industries by 97.2% during the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after acquiring an additional 1,900 shares in the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Flotek Industries during the second quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Flotek Industries during the second quarter valued at $115,000. AlphaQuest LLC lifted its holdings in shares of Flotek Industries by 5,481.5% during the third quarter. AlphaQuest LLC now owns 12,670 shares of the oil and gas company’s stock valued at $185,000 after purchasing an additional 12,443 shares during the last quarter. Finally, Ameriprise Financial Inc. acquired a new position in shares of Flotek Industries in the 2nd quarter valued at $257,000. Institutional investors and hedge funds own 10.90% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on FTK shares. Lake Street Capital assumed coverage on Flotek Industries in a research note on Thursday, January 29th. They issued a “buy” rating and a $25.00 price target on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Flotek Industries in a research note on Friday, March 27th. Finally, Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.33.
Insiders Place Their Bets
In related news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total value of $100,909.98. Following the completion of the sale, the chief financial officer directly owned 122,837 shares of the company’s stock, valued at approximately $1,967,848.74. This represents a 4.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.
Flotek Industries Price Performance
Shares of NYSE:FTK opened at $16.99 on Tuesday. The company’s fifty day moving average is $16.56 and its two-hundred day moving average is $16.54. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. Flotek Industries, Inc. has a 12-month low of $10.95 and a 12-month high of $20.41. The company has a market cap of $614.52 million, a P/E ratio of 21.78 and a beta of 1.39.
Flotek Industries (NYSE:FTK – Get Free Report) last issued its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. Equities analysts expect that Flotek Industries, Inc. will post 0.66 earnings per share for the current fiscal year.
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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