Manatuck Hill Partners LLC Has $4.98 Million Stake in Flotek Industries, Inc. $FTK

Manatuck Hill Partners LLC increased its position in Flotek Industries, Inc. (NYSE:FTK) by 9.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 289,000 shares of the oil and gas company’s stock after purchasing an additional 25,000 shares during the period. Flotek Industries comprises about 1.7% of Manatuck Hill Partners LLC’s investment portfolio, making the stock its 20th biggest holding. Manatuck Hill Partners LLC owned 0.96% of Flotek Industries worth $4,979,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quarry LP boosted its stake in Flotek Industries by 97.2% in the 3rd quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 1,900 shares during the period. New York State Common Retirement Fund acquired a new stake in shares of Flotek Industries during the 2nd quarter valued at $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Flotek Industries during the 2nd quarter valued at $115,000. Deutsche Bank AG acquired a new stake in shares of Flotek Industries during the 4th quarter valued at $150,000. Finally, Mangrove Partners IM LLC acquired a new stake in shares of Flotek Industries during the 4th quarter valued at $177,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $22.50.

Flotek Industries Trading Down 3.0%

Shares of NYSE:FTK opened at $22.57 on Thursday. The firm has a fifty day moving average of $19.14 and a two-hundred day moving average of $17.70. The firm has a market capitalization of $816.40 million, a P/E ratio of 28.93 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. The company has a quick ratio of 1.62, a current ratio of 1.83 and a debt-to-equity ratio of 0.34.

Flotek Industries (NYSE:FTK) last issued its earnings results on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $70.05 million for the quarter, compared to analyst estimates of $63.08 million. Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. On average, equities analysts expect that Flotek Industries, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Flotek Industries

In other news, CFO James Bond Clement sold 12,554 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $20.08, for a total transaction of $252,084.32. Following the transaction, the chief financial officer owned 115,324 shares in the company, valued at approximately $2,315,705.92. This trade represents a 9.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.