Navellier & Associates Inc. Raises Stake in Flotek Industries, Inc. $FTK

Navellier & Associates Inc. boosted its holdings in Flotek Industries, Inc. (NYSE:FTK) by 98.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 82,529 shares of the oil and gas company’s stock after buying an additional 40,868 shares during the period. Navellier & Associates Inc. owned approximately 0.28% of Flotek Industries worth $1,205,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of FTK. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Flotek Industries in the second quarter worth $50,000. New York State Common Retirement Fund purchased a new stake in Flotek Industries during the 2nd quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Flotek Industries in the 2nd quarter valued at $115,000. D Orazio & Associates Inc. purchased a new position in Flotek Industries in the second quarter valued at about $153,000. Finally, AlphaQuest LLC lifted its stake in shares of 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 worth $185,000 after purchasing an additional 12,443 shares in the last quarter. 10.90% of the stock is currently owned by hedge funds and other institutional investors.

Flotek Industries Stock Down 1.3%

Shares of NYSE:FTK opened at $17.54 on Wednesday. The firm has a market cap of $527.28 million, a PE ratio of 19.71 and a beta of 1.44. The company has a fifty day simple moving average of $17.16 and a 200 day simple moving average of $15.04. The company has a current ratio of 1.77, a quick ratio of 1.54 and a debt-to-equity ratio of 0.36. Flotek Industries, Inc. has a 12-month low of $6.05 and a 12-month high of $20.09.

Insider Activity

In other news, Director Harshavardhan V. Agadi sold 66,956 shares of the stock in a transaction dated Thursday, November 13th. The shares were sold at an average price of $14.71, for a total transaction of $984,922.76. Following the transaction, the director owned 197,265 shares of the company’s stock, valued at approximately $2,901,768.15. This trade represents a 25.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.02% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FTK. Lake Street Capital started coverage on Flotek Industries in a research note on Thursday, January 29th. They issued a “buy” rating and a $25.00 target price for the company. Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research report on Monday, December 29th. Northland Securities restated an “outperform” rating and issued a $20.00 target price on shares of Flotek Industries in a research note on Wednesday, December 31st. Finally, Wall Street Zen downgraded shares of Flotek Industries from a “buy” rating to a “hold” rating in a research note on Sunday, November 16th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Flotek Industries presently has a consensus rating of “Moderate Buy” and an average price target of $21.33.

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.