Bard Associates Inc. Acquires Shares of 190,316 Flotek Industries, Inc. $FTK

Bard Associates Inc. acquired a new stake in shares of Flotek Industries, Inc. (NYSE:FTK) during the fourth quarter, Holdings Channel.com reports. The firm acquired 190,316 shares of the oil and gas company’s stock, valued at approximately $3,279,000.

A number of other hedge funds have also bought and sold shares of the company. First Trust Advisors LP increased its position in Flotek Industries by 3.2% during the fourth quarter. First Trust Advisors LP now owns 43,495 shares of the oil and gas company’s stock valued at $749,000 after acquiring an additional 1,335 shares during the last quarter. State Street Corp increased its position in Flotek Industries by 28.2% during the fourth quarter. State Street Corp now owns 286,531 shares of the oil and gas company’s stock valued at $4,937,000 after acquiring an additional 63,080 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Flotek Industries during the fourth quarter valued at $258,000. Aristides Capital LLC increased its position in Flotek Industries by 4.6% during the fourth quarter. Aristides Capital LLC now owns 31,390 shares of the oil and gas company’s stock valued at $541,000 after acquiring an additional 1,390 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in Flotek Industries by 4.4% during the fourth quarter. Federated Hermes Inc. now owns 119,466 shares of the oil and gas company’s stock valued at $2,058,000 after acquiring an additional 5,069 shares during the last quarter. Institutional investors own 10.90% of the company’s stock.

Flotek Industries Trading Up 1.8%

NYSE FTK opened at $24.63 on Friday. The company’s 50-day moving average price is $18.69 and its 200-day moving average price is $17.48. 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 stock has a market cap of $891.00 million, a PE ratio of 31.57 and a beta of 1.43. Flotek Industries, Inc. has a 12 month low of $10.95 and a 12 month high of $25.54.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company 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%. Equities research analysts forecast that Flotek Industries, Inc. will post 0.6 earnings per share for the current year.

Analyst Upgrades and Downgrades

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 assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

Insider Activity at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $20.08, for a total value of $252,084.32. Following the transaction, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

Flotek Industries 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.