CenterBook Partners LP Invests $2.56 Million in Flotek Industries, Inc. $FTK

CenterBook Partners LP purchased a new position in Flotek Industries, Inc. (NYSE:FTK) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 175,519 shares of the oil and gas company’s stock, valued at approximately $2,563,000.

Several other hedge funds have also recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey purchased a new stake in Flotek Industries during the second quarter worth $50,000. New York State Common Retirement Fund purchased a new position in Flotek Industries during the 2nd quarter valued at about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Flotek Industries during the second quarter worth about $115,000. D Orazio & Associates Inc. purchased a new stake in shares of Flotek Industries in the second quarter valued at about $153,000. Finally, AlphaQuest LLC grew its position in shares of Flotek Industries by 5,481.5% in 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. 10.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Flotek Industries Trading Down 0.1%

Shares of FTK stock opened at $17.37 on Friday. The firm’s 50-day simple moving average is $17.29 and its 200-day simple moving average is $15.26. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. Flotek Industries, Inc. has a 1-year low of $6.05 and a 1-year high of $20.09. The firm has a market cap of $521.99 million, a P/E ratio of 19.51 and a beta of 1.44.

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.