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

Geode Capital Management LLC lifted its stake in shares of Flotek Industries, Inc. (NYSE:FTK - Free Report) by 108.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 297,483 shares of the oil and gas company's stock after purchasing an additional 154,497 shares during the quarter. Geode Capital Management LLC owned 1.00% of Flotek Industries worth $1,483,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. XTX Topco Ltd purchased a new stake in shares of Flotek Industries in the third quarter worth $53,000. Barclays PLC bought a new position in Flotek Industries in the 3rd quarter worth about $66,000. PDT Partners LLC purchased a new stake in shares of Flotek Industries in the 3rd quarter valued at about $86,000. Finally, Sanders Morris Harris LLC bought a new stake in shares of Flotek Industries during the 3rd quarter valued at about $137,000. Hedge funds and other institutional investors own 10.90% of the company's stock.

Flotek Industries Price Performance

FTK stock traded down $0.21 during mid-day trading on Thursday, hitting $8.93. 290,476 shares of the stock were exchanged, compared to its average volume of 293,735. The business has a fifty day moving average price of $8.00 and a 200 day moving average price of $5.80. Flotek Industries, Inc. has a 12 month low of $2.64 and a 12 month high of $10.35. The stock has a market capitalization of $266.08 million, a price-to-earnings ratio of 34.35 and a beta of 1.19.

Flotek Industries (NYSE:FTK - Get Free Report) last released its earnings results on Monday, November 4th. The oil and gas company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.01. Flotek Industries had a return on equity of 7.76% and a net margin of 4.58%. The company had revenue of $49.74 million during the quarter, compared to the consensus estimate of $50.40 million. During the same quarter in the previous year, the company posted $0.04 EPS. As a group, equities analysts forecast that Flotek Industries, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm raised their target price on shares of Flotek Industries from $6.50 to $8.00 and gave the company a "buy" rating in a research note on Thursday, November 7th.

Flotek Industries 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).