Ritholtz Wealth Management Sells 31,816 Shares of Flotek Industries, Inc. $FTK

Ritholtz Wealth Management lowered its holdings in shares of Flotek Industries, Inc. (NYSE:FTK) by 39.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,201 shares of the oil and gas company’s stock after selling 31,816 shares during the period. Ritholtz Wealth Management owned about 0.14% of Flotek Industries worth $835,000 as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. Rhumbline Advisers grew its position in Flotek Industries by 3.6% in the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock valued at $327,000 after acquiring an additional 770 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Flotek Industries by 3.2% in the fourth quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock worth $749,000 after acquiring an additional 1,335 shares during the last quarter. Barclays PLC boosted its stake in shares of Flotek Industries by 6.5% in the 4th quarter. Barclays PLC now owns 22,204 shares of the oil and gas company’s stock valued at $383,000 after purchasing an additional 1,351 shares in the last quarter. Informed Momentum Co LLC boosted its stake in shares of Flotek Industries by 2.2% in the 4th quarter. Informed Momentum Co LLC now owns 63,959 shares of the oil and gas company’s stock valued at $1,102,000 after purchasing an additional 1,366 shares in the last quarter. Finally, Aristides Capital LLC grew its holdings in shares of Flotek Industries by 4.6% during the 4th quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock valued at $541,000 after purchasing an additional 1,390 shares during the last quarter. 10.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Flotek Industries Trading Up 2.0%

Shares of FTK stock opened at $22.60 on Tuesday. Flotek Industries, Inc. has a twelve month low of $10.95 and a twelve month high of $25.54. The stock’s fifty day simple moving average is $20.25 and its 200 day simple moving average is $18.11. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $817.56 million, a P/E ratio of 28.97 and a beta of 1.43.

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

Insider Transactions at Flotek Industries

In related news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the sale, the chief financial officer directly owned 115,324 shares in the company, valued at $2,315,705.92. This trade represents a 9.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is currently owned by company insiders.

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.