Fred Alger Management Inc. cut its stake in shares of Flotek Industries Inc (NYSE:FTK) by 4.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 244,993 shares of the oil and gas company’s stock after selling 11,935 shares during the period. Fred Alger Management Inc. owned about 0.43% of Flotek Industries worth $1,142,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC lifted its position in Flotek Industries by 31.3% during the fourth quarter. Renaissance Technologies LLC now owns 340,787 shares of the oil and gas company’s stock valued at $1,588,000 after purchasing an additional 81,209 shares in the last quarter. Connors Investor Services Inc. lifted its position in Flotek Industries by 73.2% during the fourth quarter. Connors Investor Services Inc. now owns 492,126 shares of the oil and gas company’s stock valued at $2,293,000 after purchasing an additional 207,918 shares in the last quarter. Geode Capital Management LLC lifted its position in Flotek Industries by 20.2% during the fourth quarter. Geode Capital Management LLC now owns 533,605 shares of the oil and gas company’s stock valued at $2,486,000 after purchasing an additional 89,500 shares in the last quarter. Virtu Financial LLC purchased a new position in Flotek Industries during the fourth quarter valued at $323,000. Finally, BlackRock Inc. lifted its position in Flotek Industries by 4.4% during the fourth quarter. BlackRock Inc. now owns 7,241,765 shares of the oil and gas company’s stock valued at $33,747,000 after purchasing an additional 304,752 shares in the last quarter. Institutional investors own 77.54% of the company’s stock.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Flotek Industries from a “sell” rating to a “hold” rating in a research report on Saturday, January 20th. ValuEngine downgraded Flotek Industries from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 1st.
Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, February 20th. The oil and gas company reported $0.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. Flotek Industries had a negative return on equity of 0.21% and a negative net margin of 8.64%. The business had revenue of $72.50 million for the quarter, compared to the consensus estimate of $72.85 million. During the same period in the previous year, the business earned $0.07 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. analysts forecast that Flotek Industries Inc will post 0.32 EPS for the current year.
Flotek Industries Profile
Flotek Industries, Inc is a technology-driven company. The Company develops and supplies chemistry and services to the oil and gas industries, and compounds to companies that make cleaning products, cosmetics, food and beverages, and other products that are sold in consumer and industrial markets. The Company operates through two segments: Energy Chemistry Technologies (ECT), and Consumer and Industrial Chemistry Technologies (CICT).
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