Hollow Brook Wealth Management LLC lowered its position in Flotek Industries, Inc. (NYSE:FTK – Free Report) by 55.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 40,761 shares of the oil and gas company’s stock after selling 51,290 shares during the quarter. Hollow Brook Wealth Management LLC’s holdings in Flotek Industries were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of FTK. Vise Technologies Inc. bought a new position in Flotek Industries in the third quarter valued at about $209,000. Prosperitas Financial LLC bought a new stake in shares of Flotek Industries during the 3rd quarter valued at about $251,000. Inspire Investing LLC bought a new stake in shares of Flotek Industries during the 3rd quarter valued at about $656,000. Range Financial Group LLC bought a new stake in shares of Flotek Industries during the 3rd quarter valued at about $1,560,000. Finally, State of Alaska Department of Revenue purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at about $37,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on FTK. Weiss Ratings cut shares of Flotek Industries from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday. Zacks Research raised shares of Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. JonesTrading assumed coverage on shares of Flotek Industries in a research report on Thursday, July 9th. They set a “buy” rating and a $40.00 target price for the company. Finally, Lake Street Capital upped their target price on shares of Flotek Industries from $40.00 to $44.00 and gave the company a “buy” rating in a report on Tuesday, September 15th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $34.67.
Get Our Latest Analysis on FTK
Insider Transactions at Flotek Industries
In other news, major shareholder Profrac Gdm, Llc sold 2,306,806 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $26.01, for a total value of $60,000,024.06. Following the completion of the transaction, the insider owned 3,693,194 shares of the company’s stock, valued at $96,059,975.94. This represents a 38.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Matthew Wilks acquired 1,319,493 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was acquired at an average cost of $26.01 per share, with a total value of $34,320,012.93. Following the purchase, the director owned 1,477,285 shares of the company’s stock, valued at approximately $38,424,182.85. This trade represents a 836.22% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.40% of the stock is owned by company insiders.
Flotek Industries Stock Down 0.0%
FTK opened at $25.34 on Monday. 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 fifty-two week low of $13.19 and a fifty-two week high of $39.67. The firm’s fifty day moving average is $26.53 and its 200 day moving average is $22.04. The stock has a market cap of $917.81 million, a price-to-earnings ratio of 25.60 and a beta of 1.55.
Flotek Industries (NYSE:FTK – Get Free Report) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.13. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. The company had revenue of $99.37 million during the quarter, compared to the consensus estimate of $69.51 million. On average, sell-side analysts forecast that Flotek Industries, Inc. will post 0.79 earnings per share for the current fiscal year.
About Flotek Industries
Flotek Industries, Inc is a technology-driven company that develops chemistry and data solutions for the energy and industrial markets. Its offerings are designed to help customers improve operational performance, manage environmental impacts and use resources more efficiently.
Through its Chemistry Technologies business, Flotek provides proprietary green chemistry products for oil and natural gas exploration and production, industrial water treatment and other industrial applications.
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