Bard Associates Inc. Invests $3.28 Million in Flotek Industries, Inc. $FTK

Bard Associates Inc. bought a new position in Flotek Industries, Inc. (NYSE:FTK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 190,316 shares of the oil and gas company’s stock, valued at approximately $3,279,000. Bard Associates Inc. owned approximately 0.63% of Flotek Industries as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in shares of Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after buying an additional 609,268 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Flotek Industries by 41.6% in the fourth quarter. Royce & Associates LP now owns 507,125 shares of the oil and gas company’s stock worth $8,738,000 after buying an additional 148,876 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Flotek Industries by 31.6% in the third quarter. Dimensional Fund Advisors LP now owns 425,579 shares of the oil and gas company’s stock worth $6,213,000 after buying an additional 102,136 shares in the last quarter. Invesco Ltd. purchased a new position in shares of Flotek Industries in the second quarter worth $4,436,000. Finally, CenterBook Partners LP lifted its holdings in shares of Flotek Industries by 64.7% in the fourth quarter. CenterBook Partners LP now owns 289,026 shares of the oil and gas company’s stock worth $4,980,000 after buying an additional 113,507 shares in the last quarter. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, May 13th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.50.

Flotek Industries Trading Up 1.8%

Shares of FTK opened at $24.63 on Friday. The company’s fifty day moving average is $18.69 and its 200 day moving average is $17.48. Flotek Industries, Inc. has a fifty-two week low of $10.95 and a fifty-two week high of $25.54. The stock has a market capitalization of $891.00 million, a PE ratio of 31.57 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 (NYSE:FTK) last announced its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The business had revenue of $70.05 million during the quarter, compared to the consensus estimate of $63.08 million. Sell-side analysts expect that Flotek Industries, Inc. will post 0.6 earnings per share for the current fiscal year.

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.