Flotek Industries, Inc. $FTK Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its position in Flotek Industries, Inc. (NYSE:FTK) by 27.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 190,926 shares of the oil and gas company’s stock after selling 72,256 shares during the period. Truist Financial Corp owned approximately 0.64% of Flotek Industries worth $3,290,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FTK. Millennium Management LLC boosted its position in shares of Flotek Industries by 304.4% during the third 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 during the period. Invesco Ltd. bought a new stake in Flotek Industries during the 2nd quarter valued at $4,436,000. Manatuck Hill Partners LLC acquired a new position in Flotek Industries during the 3rd quarter worth $3,854,000. UBS Group AG grew its stake in shares of 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 purchasing an additional 194,951 shares in the last quarter. Finally, CenterBook Partners LP acquired a new position in shares of Flotek Industries during the third quarter valued at $2,563,000. Institutional investors own 10.90% of the company’s stock.

Insider Buying and Selling

In other Flotek Industries news, CFO James Bond Clement sold 6,299 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $16.02, for a total value of $100,909.98. Following the completion of the sale, the chief financial officer directly owned 122,837 shares of the company’s stock, valued at approximately $1,967,848.74. This represents a 4.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Lake Street Capital began coverage on shares of Flotek Industries in a research note on Thursday, January 29th. They set a “buy” rating and a $25.00 price objective on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Flotek Industries in a research note on Friday, March 27th. Finally, Zacks Research downgraded shares of Flotek Industries from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

Flotek Industries Stock Up 6.4%

Shares of FTK stock opened at $16.99 on Tuesday. Flotek Industries, Inc. has a 1 year low of $10.95 and a 1 year high of $20.41. The stock has a market cap of $614.52 million, a PE ratio of 21.78 and a beta of 1.39. The business’s fifty day moving average is $16.56 and its 200-day moving average is $16.54. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.62 and a current ratio of 1.83.

Flotek Industries (NYSE:FTK) last announced 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). Flotek Industries had a net margin of 11.83% and a return on equity of 20.70%. The firm had revenue of $70.05 million during the quarter, compared to analyst estimates of $63.08 million. Equities analysts expect that Flotek Industries, Inc. will post 0.66 earnings per share for the current fiscal 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.