CenterBook Partners LP Boosts Stake in Flotek Industries, Inc. $FTK

CenterBook Partners LP lifted its holdings in Flotek Industries, Inc. (NYSE:FTK) by 64.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 289,026 shares of the oil and gas company’s stock after purchasing an additional 113,507 shares during the quarter. CenterBook Partners LP owned 0.96% of Flotek Industries worth $4,980,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Rhumbline Advisers raised its stake in shares of Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock worth $327,000 after purchasing an additional 770 shares during the last quarter. Quarry LP raised its stake in shares of Flotek Industries by 97.2% in the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Flotek Industries by 3.8% in the third quarter. Bank of America Corp DE now owns 78,585 shares of the oil and gas company’s stock worth $1,147,000 after purchasing an additional 2,861 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Flotek Industries by 9.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 49,515 shares of the oil and gas company’s stock worth $853,000 after purchasing an additional 4,330 shares during the last quarter. Finally, Ritholtz Wealth Management raised its stake in shares of Flotek Industries by 8.8% in the fourth quarter. Ritholtz Wealth Management now owns 81,017 shares of the oil and gas company’s stock worth $1,396,000 after purchasing an additional 6,561 shares during the last quarter. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Insider Buying and Selling

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $20.08, for a total transaction of $252,084.32. Following the completion of the sale, the chief financial officer owned 115,324 shares of the company’s stock, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.

Flotek Industries Stock Up 0.1%

Flotek Industries stock opened at $23.55 on Monday. The stock has a market cap of $852.18 million, a PE ratio of 30.20 and a beta of 1.43. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83. Flotek Industries, Inc. has a one year low of $10.95 and a one year high of $25.54. The stock has a fifty day moving average of $17.98 and a 200 day moving average of $17.15.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The firm had revenue of $70.05 million for the quarter, compared to analysts’ expectations of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. As a group, sell-side analysts predict that Flotek Industries, Inc. will post 0.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, May 13th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Flotek Industries has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

About Flotek Industries

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.