Flotek Industries, Inc. $FTK Holdings Raised by Navellier & Associates Inc.

Navellier & Associates Inc. lifted its position in shares of Flotek Industries, Inc. (NYSE:FTK) by 98.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,529 shares of the oil and gas company’s stock after acquiring an additional 40,868 shares during the period. Navellier & Associates Inc.’s holdings in Flotek Industries were worth $1,205,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management increased its stake in Flotek Industries by 3.7% during the second quarter. Ritholtz Wealth Management now owns 81,027 shares of the oil and gas company’s stock valued at $1,196,000 after purchasing an additional 2,901 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Flotek Industries in the 2nd quarter valued at about $50,000. New York State Common Retirement Fund bought a new stake in shares of Flotek Industries during the 2nd quarter valued at about $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Flotek Industries during the second quarter worth about $115,000. Finally, American Century Companies Inc. lifted its holdings in Flotek Industries by 26.3% in the second quarter. American Century Companies Inc. now owns 39,140 shares of the oil and gas company’s stock worth $578,000 after acquiring an additional 8,139 shares during the last quarter. Institutional investors and hedge funds own 10.90% of the company’s stock.

Insider Buying and Selling at Flotek Industries

In related news, Director Harshavardhan V. Agadi sold 66,956 shares of Flotek Industries stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $14.71, for a total transaction of $984,922.76. Following the sale, the director directly owned 197,265 shares in the company, valued at $2,901,768.15. The trade was a 25.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 3.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FTK has been the subject of several recent research reports. Lake Street Capital started coverage on Flotek Industries in a report on Thursday, January 29th. They set a “buy” rating and a $25.00 target price 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 reiterated an “outperform” rating and issued a $20.00 target price on shares of Flotek Industries in a research note on Wednesday, December 31st. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a report on Monday, December 29th. Finally, Zacks Research lowered shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $21.33.

Flotek Industries Stock Down 1.3%

Shares of Flotek Industries stock opened at $17.54 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. Flotek Industries, Inc. has a 1-year low of $6.05 and a 1-year high of $20.09. The business’s fifty day moving average price is $17.16 and its two-hundred day moving average price is $15.04. The company has a market capitalization of $527.28 million, a P/E ratio of 19.71 and a beta of 1.44.

Flotek Industries Company 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.