Simcoe Capital LLC Makes New $3.22 Million Investment in Flotek Industries, Inc. $FTK

Simcoe Capital LLC bought a new position in Flotek Industries, Inc. (NYSE:FTK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 187,034 shares of the oil and gas company’s stock, valued at approximately $3,223,000. Flotek Industries makes up about 3.0% of Simcoe Capital LLC’s holdings, making the stock its 18th largest position. Simcoe Capital LLC owned about 0.62% of Flotek Industries as of its most recent SEC filing.

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. AlphaQuest LLC lifted its position in Flotek Industries by 5,481.5% during the third quarter. AlphaQuest LLC now owns 12,670 shares of the oil and gas company’s stock valued at $185,000 after purchasing an additional 12,443 shares during the period. Finally, Ameriprise Financial Inc. bought a new position in Flotek Industries during the second quarter valued at approximately $257,000. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Stock Up 0.2%

FTK opened at $16.98 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 1.62 and a debt-to-equity ratio of 0.34. Flotek Industries, Inc. has a 1-year low of $10.95 and a 1-year high of $20.41. The company has a market capitalization of $614.21 million, a PE ratio of 21.77 and a beta of 1.39. The firm’s 50 day simple moving average is $16.59 and its two-hundred day simple moving average is $16.56.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results 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). Flotek Industries had a return on equity of 20.70% and a net margin of 11.83%.The business had revenue of $70.05 million during the quarter, compared to the consensus estimate of $63.08 million. As a group, equities analysts forecast that Flotek Industries, Inc. will post 0.66 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Lake Street Capital assumed coverage on shares of Flotek Industries in a research report on Thursday, January 29th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Flotek Industries in a research report on Friday, March 27th. 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 stock currently has an average rating of “Moderate Buy” and an average price target of $21.33.

Insiders Place Their Bets

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, the chief financial officer directly owned 122,837 shares in the company, valued at approximately $1,967,848.74. This trade represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.

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.