Geode Capital Management LLC Acquires 154,497 Shares of Flotek Industries, Inc. (NYSE:FTK)

Geode Capital Management LLC grew its holdings in Flotek Industries, Inc. (NYSE:FTK) by 108.1% in the third quarter, Holdings Channel reports. The firm owned 297,483 shares of the oil and gas company’s stock after buying an additional 154,497 shares during the quarter. Geode Capital Management LLC’s holdings in Flotek Industries were worth $1,483,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. PDT Partners LLC bought a new stake in Flotek Industries in the 3rd quarter worth about $86,000. Sanders Morris Harris LLC bought a new position in Flotek Industries during the 3rd quarter valued at about $137,000. XTX Topco Ltd purchased a new stake in shares of Flotek Industries during the 3rd quarter valued at about $53,000. Finally, Barclays PLC bought a new stake in shares of Flotek Industries in the third quarter worth approximately $66,000. Hedge funds and other institutional investors own 10.90% of the company’s stock.

Flotek Industries Price Performance

Shares of FTK opened at $8.93 on Thursday. The firm has a market capitalization of $266.08 million, a P/E ratio of 34.35 and a beta of 1.19. Flotek Industries, Inc. has a one year low of $2.64 and a one year high of $10.35. The business has a fifty day moving average of $8.00 and a 200 day moving average of $5.80.

Flotek Industries (NYSE:FTK) last released its quarterly earnings results on Monday, November 4th. The oil and gas company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $49.74 million during the quarter, compared to analyst estimates of $50.40 million. Flotek Industries had a net margin of 4.58% and a return on equity of 7.76%. During the same quarter in the prior year, the firm earned $0.04 EPS. Analysts expect that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm increased their price objective on shares of Flotek Industries from $6.50 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 7th.

Flotek Industries Company Profile

Flotek Industries, Inc operates as a technology-driven green chemistry and data company that serves customers across industrial and commercial markets in the United States, the United Arab Emirates, and internationally. It operates through two segments: Chemistry Technologies (CT) and Data Analytics (DA).