Flotek Industries (NYSE:FTK) CFO Sells $100,909.98 in Stock

Flotek Industries, Inc. (NYSE:FTK) CFO James Bond Clement sold 6,299 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Flotek Industries Stock Down 2.7%

Shares of NYSE:FTK traded down $0.44 during midday trading on Thursday, reaching $15.82. The company had a trading volume of 275,252 shares, compared to its average volume of 311,560. The stock has a market capitalization of $475.52 million, a P/E ratio of 17.78 and a beta of 1.44. The stock’s fifty day moving average price is $17.33 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 one year low of $6.05 and a one year high of $20.09.

Institutional Investors Weigh In On Flotek Industries

Large investors have recently made changes to their positions in the company. Millennium Management LLC raised its stake in shares of Flotek Industries by 304.4% in the 3rd 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 in the last quarter. Invesco Ltd. bought a new position in Flotek Industries during the second quarter valued at about $4,436,000. Manatuck Hill Partners LLC acquired a new position in Flotek Industries during the third quarter worth about $3,854,000. UBS Group AG raised its position in 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 acquiring an additional 194,951 shares in the last quarter. Finally, Bard Associates Inc. bought a new stake in Flotek Industries in the fourth quarter worth about $3,279,000. Institutional investors and hedge funds own 10.90% of the company’s stock.

Analyst Ratings Changes

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