Cetera Investment Advisers Buys New Position in Flotek Industries, Inc. (NYSE:FTK)

Cetera Investment Advisers bought a new position in shares of Flotek Industries, Inc. (NYSE:FTK) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 75,402 shares of the oil and gas company’s stock, valued at approximately $628,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Bridgeway Capital Management LLC boosted its stake in Flotek Industries by 5.2% in the 4th quarter. Bridgeway Capital Management LLC now owns 72,259 shares of the oil and gas company’s stock worth $689,000 after purchasing an additional 3,600 shares in the last quarter. Tower Research Capital LLC TRC purchased a new stake in Flotek Industries in the 4th quarter worth $42,000. Geode Capital Management LLC increased its holdings in Flotek Industries by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 302,539 shares of the oil and gas company’s stock worth $2,885,000 after acquiring an additional 5,056 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Flotek Industries during the 4th quarter worth $57,000. Finally, Kathmere Capital Management LLC acquired a new stake in Flotek Industries during the 1st quarter worth $85,000. Institutional investors own 10.90% of the company’s stock.

Analyst Upgrades and Downgrades

FTK has been the topic of several recent analyst reports. Northland Securities upgraded shares of Flotek Industries from a “market perform” rating to an “outperform” rating and set a $16.00 price target on the stock in a research note on Wednesday, August 6th. Wall Street Zen downgraded Flotek Industries from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 3rd. Northland Capmk upgraded Flotek Industries from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 6th. Finally, Alliance Global Partners initiated coverage on Flotek Industries in a research note on Thursday, June 12th. They issued a “buy” rating and a $19.00 price objective on the stock. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Flotek Industries has a consensus rating of “Buy” and an average price target of $14.33.

Insiders Place Their Bets

In related news, CFO James Bond Clement sold 45,732 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $12.74, for a total value of $582,625.68. Following the sale, the chief financial officer directly owned 95,439 shares of the company’s stock, valued at $1,215,892.86. This trade represents a 32.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ryan Gillis Ezell sold 87,187 shares of Flotek Industries stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $12.26, for a total value of $1,068,912.62. Following the sale, the chief executive officer directly owned 156,855 shares in the company, valued at approximately $1,923,042.30. The trade was a 35.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.02% of the company’s stock.

Flotek Industries Trading Down 0.6%

Shares of FTK stock opened at $11.94 on Friday. The firm has a market capitalization of $356.53 million, a P/E ratio of 27.14 and a beta of 1.32. Flotek Industries, Inc. has a twelve month low of $3.79 and a twelve month high of $16.87. The company has a quick ratio of 1.36, a current ratio of 1.59 and a debt-to-equity ratio of 0.55. The stock’s fifty day simple moving average is $13.67 and its 200 day simple moving average is $10.91.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $58.35 million for the quarter, compared to the consensus estimate of $52.40 million. Flotek Industries had a return on equity of 17.67% and a net margin of 6.59%. As a group, sell-side analysts predict that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Flotek Industries Company Profile

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).