Flotek Industries, Inc. $FTK Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. cut its position in Flotek Industries, Inc. (NYSE:FTK) by 95.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,600 shares of the oil and gas company’s stock after selling 451,820 shares during the quarter. Hillsdale Investment Management Inc. owned 0.07% of Flotek Industries worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CenterBook Partners LP acquired a new position in Flotek Industries in the 3rd quarter worth $2,563,000. Rhumbline Advisers increased its position in shares of Flotek Industries by 3.6% during the third quarter. Rhumbline Advisers now owns 22,400 shares of the oil and gas company’s stock worth $327,000 after acquiring an additional 770 shares during the last quarter. Navellier & Associates Inc. lifted its stake in shares of Flotek Industries by 98.1% in the third quarter. Navellier & Associates Inc. now owns 82,529 shares of the oil and gas company’s stock worth $1,205,000 after acquiring an additional 40,868 shares in the last quarter. Penserra Capital Management LLC purchased a new position in Flotek Industries in the third quarter valued at about $404,000. Finally, Principal Financial Group Inc. purchased a new position in Flotek Industries in the third quarter valued at about $717,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Stock Performance

Shares of FTK opened at $16.02 on Wednesday. The stock has a market capitalization of $481.44 million, a PE ratio of 18.00 and a beta of 1.44. The business’s fifty day moving average price is $17.31 and its 200 day moving average price is $15.38. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.77 and a quick ratio of 1.54. Flotek Industries, Inc. has a 12-month low of $6.05 and a 12-month high of $20.09.

Analysts Set New Price Targets

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