Evercore ISI Issues Pessimistic Forecast for Flowco (NYSE:FLOC) Stock Price

Key Points

• Evercore ISI has decreased its target price for Flowco (NYSE:FLOC) from $28.00 to $26.00, signaling a potential upside of 53.21% from the stock's previous close.
• Despite the target price reduction, five analysts rate the stock as a buy, contributing to an average consensus target price of $30.40.
• Flowco recently reported a strong quarterly earnings performance with an EPS of $1.26, surpassing expectations, and has initiated a $50 million share buyback plan, indicating confidence in its valuation.

Flowco (NYSE:FLOC - Get Free Report) had its target price dropped by stock analysts at Evercore ISI from $28.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Evercore ISI's target price would suggest a potential upside of 53.21% from the stock's previous close.

A number of other brokerages have also recently issued reports on FLOC. Piper Sandler restated an "overweight" rating and set a $33.00 price objective (down previously from $34.00) on shares of Flowco in a report on Wednesday, May 14th. Jefferies Financial Group set a $28.00 price target on shares of Flowco in a research report on Tuesday. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Flowco presently has an average rating of "Buy" and a consensus target price of $30.40.

Flowco Price Performance

Flowco stock opened at $16.97 on Wednesday. Flowco has a 52 week low of $15.82 and a 52 week high of $30.50. The company has a market capitalization of $1.54 billion and a PE ratio of 9.22. The stock's 50-day simple moving average is $18.02.

Flowco (NYSE:FLOC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.94. The firm had revenue of $193.21 million for the quarter, compared to the consensus estimate of $190.16 million. On average, sell-side analysts anticipate that Flowco will post 1.54 earnings per share for the current year.

Flowco announced that its board has authorized a share buyback plan on Thursday, June 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of Flowco

A number of institutional investors and hedge funds have recently bought and sold shares of FLOC. Sigma Planning Corp grew its holdings in Flowco by 42.9% during the 2nd quarter. Sigma Planning Corp now owns 20,000 shares of the company's stock worth $356,000 after acquiring an additional 6,000 shares during the period. Peregrine Capital Management LLC grew its holdings in Flowco by 35.3% during the 2nd quarter. Peregrine Capital Management LLC now owns 412,919 shares of the company's stock worth $7,354,000 after acquiring an additional 107,765 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Flowco during the 2nd quarter worth about $208,000. Vontobel Holding Ltd. bought a new position in shares of Flowco during the 2nd quarter worth about $1,290,000. Finally, Goldman Sachs Group Inc. bought a new position in shares of Flowco during the 1st quarter worth about $878,000.

Flowco Company Profile

We are a leading provider of production optimization, artificial lift and methane abatement solutions for the oil and natural gas industry. Our products and services include a full range of equipment and technology solutions that enable our customers to efficiently and cost-effectively maximize the profitability and economic lifespan of the production phase of their operations.

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