Manatuck Hill Partners LLC Acquires 25,000 Shares of Flotek Industries, Inc. $FTK

Manatuck Hill Partners LLC grew its holdings in shares of Flotek Industries, Inc. (NYSE:FTK) by 9.5% during the fourth quarter, Holdings Channel reports. The firm owned 289,000 shares of the oil and gas company’s stock after purchasing an additional 25,000 shares during the period. Flotek Industries accounts for about 1.7% of Manatuck Hill Partners LLC’s portfolio, making the stock its 20th largest position. Manatuck Hill Partners LLC’s holdings in Flotek Industries were worth $4,979,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of FTK. Quarry LP raised its holdings in shares of Flotek Industries by 97.2% during the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after purchasing an additional 1,900 shares in the last quarter. New York State Common Retirement Fund bought a new position in Flotek Industries in the 2nd quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Flotek Industries in the 2nd quarter worth $115,000. Deutsche Bank AG bought a new position in Flotek Industries in the 4th quarter worth $150,000. Finally, Mangrove Partners IM LLC bought a new position in Flotek Industries in the 4th quarter worth $177,000. Institutional investors own 10.90% of the company’s stock.

Insider Activity

In other news, CFO James Bond Clement sold 12,554 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.

Flotek Industries Stock Performance

Shares of FTK opened at $22.57 on Thursday. The company has a market capitalization of $816.40 million, a PE ratio of 28.93 and a beta of 1.43. Flotek Industries, Inc. has a one year low of $10.95 and a one year high of $25.54. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62. The company’s fifty day moving average price is $19.14 and its 200 day moving average price is $17.70.

Flotek Industries (NYSE:FTK) last announced 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). The firm had revenue of $70.05 million during the quarter, compared to the consensus estimate of $63.08 million. Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%. As a group, analysts expect that Flotek Industries, Inc. will post 0.6 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded 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 company’s stock. Based on data from MarketBeat.com, Flotek Industries currently has an average rating of “Moderate Buy” and an average target price of $22.50.

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.