The Flotek Industries, Inc. (FTK) Shares Bought by Principal Financial Group Inc.

The Flotek Industries, Inc. (FTK) Shares Bought by Principal Financial Group Inc.

Other institutional investors also recently modified their holdings of the company. First Mercantile Trust Co. bought a new position in shares of Flotek Industries during the first quarter valued at about $112,000. RNC Capital Management LLC boosted its position in Flotek Industries by 10.0% in the first quarter. RNC Capital Management LLC now owns 11,035 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 1,000 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Flotek Industries by 12.3% in the first quarter. BNP Paribas Arbitrage SA now owns 11,044 shares of the oil and gas company’s stock valued at $141,000 after buying an additional 1,209 shares during the last quarter. Mason Street Advisors LLC boosted its position in Flotek Industries by 7.6% in the first quarter. Mason Street Advisors LLC now owns 12,664 shares of the oil and gas company’s stock valued at $162,000 after buying an additional 893 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new position in Flotek Industries during the first quarter valued at about $217,000.

Principal Financial Group Inc. increased its stake in shares of Flotek Industries, Inc. (NYSE:FTK) by 4.1% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 421,784 shares of the oil and gas company’s stock after buying an additional 16,676 shares during the period. Principal Financial Group Inc. owned about 0.74% of Flotek Industries worth $5,395,000 as of its most recent filing with the SEC.

Flotek Industries, Inc. (NYSE:FTK) traded down 33.98% during trading on Wednesday, reaching $5.46. The company’s stock had a trading volume of 10,879,934 shares. The stock’s market capitalization is $312.61 million. Flotek Industries, Inc. has a 52 week low of $4.91 and a 52 week high of $16.93. The firm has a 50 day moving average of $8.76 and a 200 day moving average of $10.71.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. The company had revenue of $80 million for the quarter, compared to analysts’ expectations of $78.85 million. Flotek Industries had a negative return on equity of 3.38% and a negative net margin of 10.43%. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Analysts expect that Flotek Industries, Inc. will post $0.27 EPS for the current year.

Several equities analysts have issued reports on FTK shares. Zacks Investment Research upgraded Flotek Industries from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Monday, May 8th. Seaport Global Securities reiterated a “buy” rating on shares of Flotek Industries in a research report on Thursday, July 20th. BidaskClub cut Flotek Industries from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Finally, ValuEngine cut Flotek Industries from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd.

Flotek Industries Company Profile

Flotek Industries, Inc is a technology-driven company. The Company develops and supplies chemistry and services to the oil and gas industries, and compounds to companies that make cleaning products, cosmetics, food and beverages, and other products that are sold in consumer and industrial markets. The Company operates through two segments: Energy Chemistry Technologies (ECT), and Consumer and Industrial Chemistry Technologies (CICT).

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