Flotek Industries, Inc. $FTK Stake Lowered by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. decreased its stake in Flotek Industries, Inc. (NYSE:FTK) by 95.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 19,600 shares of the oil and gas company’s stock after selling 451,820 shares during the period. Hillsdale Investment Management Inc.’s holdings in Flotek Industries were worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FTK. Police & Firemen s Retirement System of New Jersey acquired a new stake in Flotek Industries in the second quarter worth $50,000. New York State Common Retirement Fund bought a new position in shares of Flotek Industries during the second quarter worth about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Flotek Industries in the 2nd quarter worth about $115,000. D Orazio & Associates Inc. bought a new stake in Flotek Industries in the 2nd quarter valued at about $153,000. Finally, AlphaQuest LLC lifted its position in Flotek Industries by 5,481.5% in the 3rd 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. Institutional investors and hedge funds own 10.90% of the company’s stock.

Flotek Industries Stock Performance

Shares of NYSE FTK opened at $16.02 on Wednesday. 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 $481.44 million, a P/E ratio of 18.00 and a beta of 1.44. The stock has a fifty day moving average price of $17.31 and a two-hundred day moving average price of $15.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.54 and a current ratio of 1.77.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research note on Monday, December 29th. Lake Street Capital began coverage on Flotek Industries in a report on Thursday, January 29th. They issued a “buy” rating and a $25.00 price objective for the company. Wall Street Zen downgraded Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Northland Securities reissued an “outperform” rating and issued a $20.00 price target on shares of Flotek Industries in a research note on Wednesday, December 31st. Finally, Zacks Research cut shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average 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.