Ritholtz Wealth Management Has $835,000 Stake in Flotek Industries, Inc. $FTK

Ritholtz Wealth Management reduced its stake in shares of Flotek Industries, Inc. (NYSE:FTK) by 39.3% in the 1st quarter, Holdings Channel reports. The firm owned 49,201 shares of the oil and gas company’s stock after selling 31,816 shares during the quarter. Ritholtz Wealth Management’s holdings in Flotek Industries were worth $835,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quarry LP grew its position in shares of Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after buying an additional 1,900 shares during the last quarter. New York State Common Retirement Fund acquired a new position in shares of Flotek Industries in the second quarter worth approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Flotek Industries in the second quarter worth approximately $115,000. Deutsche Bank AG bought a new stake in Flotek Industries in the fourth quarter valued at approximately $150,000. Finally, Mangrove Partners IM LLC bought a new stake in Flotek Industries in the fourth quarter valued at approximately $177,000. 10.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised 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 a consensus target price of $22.50.

Insiders Place Their Bets

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the sale, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.40% of the company’s stock.

Flotek Industries Stock Performance

Shares of FTK opened at $22.60 on Tuesday. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. The firm’s fifty day simple moving average is $20.25 and its two-hundred day simple moving average is $18.11. Flotek Industries, Inc. has a 12 month low of $10.95 and a 12 month high of $25.54. The stock has a market capitalization of $817.56 million, a P/E ratio of 28.97 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business 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 predict that Flotek Industries, Inc. will post 0.6 EPS 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.