51,606 Shares in Flotek Industries, Inc. $FTK Acquired by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS bought a new position in shares of Flotek Industries, Inc. (NYSE:FTK) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 51,606 shares of the oil and gas company’s stock, valued at approximately $876,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP raised its stake in shares of Flotek Industries by 97.2% during the third quarter. Quarry LP now owns 3,855 shares of the oil and gas company’s stock valued at $56,000 after acquiring an additional 1,900 shares during the last quarter. New York State Common Retirement Fund bought a new stake in shares of Flotek Industries in the second quarter worth $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Flotek Industries in the second quarter worth $115,000. Deutsche Bank AG acquired a new stake in Flotek Industries in the fourth quarter valued at $150,000. Finally, Mangrove Partners IM LLC acquired a new stake in Flotek Industries in the fourth quarter valued at $177,000. 10.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently issued reports on FTK shares. JonesTrading initiated coverage on Flotek Industries in a research report on Thursday. They set a “buy” rating and a $40.00 target price for the company. Weiss Ratings raised Flotek Industries from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, May 13th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Flotek Industries currently has an average rating of “Moderate Buy” and a consensus price target of $28.33.

Insider Buying and Selling

In other Flotek Industries news, CFO James Bond Clement sold 12,554 shares of Flotek Industries stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $20.08, for a total value of $252,084.32. Following the completion of the sale, the chief financial officer directly owned 115,324 shares in the company, valued at approximately $2,315,705.92. The trade was a 9.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Flotek Industries Stock Performance

Shares of FTK opened at $25.52 on Monday. 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 firm’s fifty day simple moving average is $21.50 and its two-hundred day simple moving average is $18.56. Flotek Industries, Inc. has a 12 month low of $10.95 and a 12 month high of $25.65. The stock has a market capitalization of $923.31 million, a P/E ratio of 32.72 and a beta of 1.43.

Flotek Industries (NYSE:FTK) last posted its quarterly earnings data on Tuesday, May 5th. The oil and gas company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The business 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%. As a group, analysts predict that Flotek Industries, Inc. will post 0.6 EPS for the current year.

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.