S Squared Technology LLC Buys 32,654 Shares of Flotek Industries, Inc. $FTK

S Squared Technology LLC boosted its stake in shares of Flotek Industries, Inc. (NYSE:FTK) by 14.1% during the fourth quarter, Holdings Channel reports. The firm owned 263,726 shares of the oil and gas company’s stock after purchasing an additional 32,654 shares during the quarter. Flotek Industries comprises about 1.8% of S Squared Technology LLC’s holdings, making the stock its 21st biggest position. S Squared Technology LLC’s holdings in Flotek Industries were worth $4,544,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP lifted its position in Flotek Industries by 97.2% during the third 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 during the period. New York State Common Retirement Fund bought a new position in Flotek Industries during the second quarter valued at approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Flotek Industries during the second quarter valued at approximately $115,000. Deutsche Bank AG bought a new position in Flotek Industries in the fourth quarter worth approximately $150,000. Finally, Ameriprise Financial Inc. bought a new position in Flotek Industries in the second quarter worth approximately $257,000. Institutional investors own 10.90% of the company’s stock.

Wall Street Analysts Forecast Growth

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 analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $22.50.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the firm’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is owned by insiders.

Flotek Industries Stock Down 0.1%

Shares of FTK stock opened at $24.63 on Monday. The company has a market capitalization of $891.00 million, a price-to-earnings ratio of 31.57 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’s fifty day moving average price is $18.69 and its 200-day moving average price is $17.50. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.83 and a quick ratio of 1.62.

Flotek Industries (NYSE:FTK) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. Sell-side analysts expect that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

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.