Dimensional Fund Advisors LP Boosts Stock Position in Flotek Industries, Inc. $FTK

Dimensional Fund Advisors LP lifted its holdings in Flotek Industries, Inc. (NYSE:FTK) by 71.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 691,593 shares of the oil and gas company’s stock after purchasing an additional 288,064 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Flotek Industries were worth $11,736,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Quarry LP raised its stake 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 in the last quarter. New York State Common Retirement Fund purchased a new position in shares of Flotek Industries in the 2nd quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Flotek Industries in the 2nd quarter worth $115,000. Deutsche Bank AG bought a new stake in shares of Flotek Industries in the 4th quarter worth about $150,000. Finally, Mangrove Partners IM LLC bought a new stake in shares of Flotek Industries in the 4th quarter worth about $177,000. Institutional investors own 10.90% of the company’s stock.

Analyst Ratings Changes

FTK has been the topic of several recent research reports. 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. JonesTrading initiated coverage on Flotek Industries in a research note on Thursday, July 9th. They set a “buy” rating and a $40.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.33.

Insider Buying and Selling

In related news, CFO James Bond Clement sold 12,554 shares of Flotek Industries 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 completion of the sale, the chief financial officer 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 filing with the SEC, which is available through the SEC website. 2.40% of the stock is owned by corporate insiders.

Flotek Industries Stock Down 3.4%

Shares of Flotek Industries stock opened at $35.18 on Friday. The stock’s fifty day moving average is $24.79 and its two-hundred day moving average is $19.87. Flotek Industries, Inc. has a 52 week low of $10.95 and a 52 week high of $37.53. The company has a market capitalization of $1.27 billion, a PE ratio of 35.54 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, August 4th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.13. The firm had revenue of $99.37 million during the quarter, compared to analyst estimates of $69.51 million. Flotek Industries had a net margin of 12.97% and a return on equity of 21.57%. As a group, research analysts anticipate that Flotek Industries, Inc. will post 0.7 earnings per share for the current 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.