Principal Financial Group Inc. Takes Position in Flotek Industries, Inc. $FTK

Principal Financial Group Inc. acquired a new stake in Flotek Industries, Inc. (NYSE:FTK) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 49,132 shares of the oil and gas company’s stock, valued at approximately $717,000.

Other large investors also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in shares of Flotek Industries by 27.9% during the first quarter. Goldman Sachs Group Inc. now owns 120,927 shares of the oil and gas company’s stock worth $1,007,000 after acquiring an additional 26,400 shares during the period. Jane Street Group LLC increased its holdings in Flotek Industries by 88.5% during the 1st quarter. Jane Street Group LLC now owns 100,151 shares of the oil and gas company’s stock worth $834,000 after purchasing an additional 47,018 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Flotek Industries in the 1st quarter valued at about $332,000. Los Angeles Capital Management LLC bought a new stake in shares of Flotek Industries in the second quarter valued at about $243,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Flotek Industries during the second quarter worth about $229,000. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Trading Down 0.3%

Shares of Flotek Industries stock opened at $17.36 on Thursday. The stock has a market cap of $521.69 million, a P/E ratio of 19.50 and a beta of 1.44. The company has a quick ratio of 1.54, a current ratio of 1.77 and a debt-to-equity ratio of 0.36. Flotek Industries, Inc. has a 12-month low of $6.05 and a 12-month high of $20.09. The business’s 50 day moving average is $17.27 and its 200-day moving average is $15.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Zacks Research lowered Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Northland Securities reaffirmed an “outperform” rating and set a $20.00 price target on shares of Flotek Industries in a research note on Wednesday, December 31st. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Lake Street Capital initiated coverage on shares of Flotek Industries in a report on Thursday, January 29th. They set a “buy” rating and a $25.00 target price for the company. Finally, Wall Street Zen lowered shares of Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Flotek Industries Company 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.