JPMorgan Chase & Co. Sells 46,420 Shares of Flotek Industries, Inc. $FTK

JPMorgan Chase & Co. lowered its stake in Flotek Industries, Inc. (NYSE:FTK) by 89.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,740 shares of the oil and gas company’s stock after selling 46,420 shares during the quarter. JPMorgan Chase & Co.’s holdings in Flotek Industries were worth $84,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FTK. Millennium Management LLC raised its stake in shares of Flotek Industries by 304.4% in the third quarter. Millennium Management LLC now owns 809,398 shares of the oil and gas company’s stock worth $11,817,000 after buying an additional 609,268 shares during the period. Invesco Ltd. bought a new position in shares of Flotek Industries in the second quarter worth about $4,436,000. Manatuck Hill Partners LLC bought a new position in shares of Flotek Industries in the third quarter worth about $3,854,000. UBS Group AG raised its stake in shares of Flotek Industries by 512.8% in the third quarter. UBS Group AG now owns 232,966 shares of the oil and gas company’s stock worth $3,401,000 after buying an additional 194,951 shares during the period. Finally, CenterBook Partners LP bought a new position in shares of Flotek Industries in the third quarter worth about $2,563,000. Institutional investors own 10.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Zacks Research downgraded Flotek Industries from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Friday, March 27th. Lake Street Capital assumed coverage on Flotek Industries in a research note on Thursday, January 29th. They set a “buy” rating and a $25.00 target price on the stock. Finally, Northland Securities reissued an “outperform” rating and set a $20.00 target price on shares of Flotek Industries in a research note on Wednesday, December 31st. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Flotek Industries Stock Up 0.3%

Shares of FTK opened at $15.67 on Tuesday. The business’s 50 day moving average is $16.61 and its 200 day moving average is $16.46. The company has a market capitalization of $566.78 million, a PE ratio of 18.88 and a beta of 1.46. Flotek Industries, Inc. has a 12-month low of $6.20 and a 12-month high of $20.41. The company has a current ratio of 1.80, a quick ratio of 1.63 and a debt-to-equity ratio of 0.35.

Flotek Industries (NYSE:FTK) last issued its earnings results on Wednesday, March 11th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.07). The business had revenue of $67.52 million for the quarter, compared to the consensus estimate of $53.37 million. Flotek Industries had a net margin of 12.87% and a return on equity of 21.32%. Research analysts expect that Flotek Industries, Inc. will post 0.71 earnings per share for the current fiscal year.

Insider Transactions at Flotek Industries

In related news, CFO James Bond Clement sold 6,299 shares of Flotek Industries stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $16.02, for a total transaction of $100,909.98. Following the sale, the chief financial officer owned 122,837 shares of the company’s stock, valued at approximately $1,967,848.74. This trade represents a 4.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Flotek Industries Company Profile

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.