297,127 Shares in Flowco Holdings Inc. $FLOC Bought by Walleye Capital LLC

Key Points

• Walleye Capital LLC disclosed a new first-quarter stake in Flowco Holdings, വാങ്ങing 297,127 shares worth about $6.12 million, or roughly 0.33% of the company.
• Several other institutional investors also adjusted positions in Flowco, including new purchases by Monashee Investment Management and Emerald funds, while First Trust Advisors significantly increased its holdings.
• Flowco shares were trading at $20.55, below both their 50-day and 200-day moving averages, while the company also raised its quarterly dividend to $0.09 per share from $0.08.

Walleye Capital LLC bought a new stake in Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 297,127 shares of the company's stock, valued at approximately $6,121,000. Walleye Capital LLC owned about 0.33% of Flowco as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Monashee Investment Management LLC purchased a new position in shares of Flowco in the 1st quarter worth about $2,060,000. First Trust Advisors LP lifted its position in Flowco by 107.6% in the 1st quarter. First Trust Advisors LP now owns 144,706 shares of the company's stock worth $2,981,000 after buying an additional 74,998 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Flowco by 3.4% in the 1st quarter. Bank of New York Mellon Corp now owns 214,954 shares of the company's stock worth $4,428,000 after buying an additional 7,021 shares during the last quarter. Emerald Mutual Fund Advisers Trust purchased a new stake in Flowco in the first quarter worth approximately $4,765,000. Finally, Emerald Advisers LLC bought a new position in Flowco during the first quarter valued at approximately $7,971,000.

Flowco Price Performance

Shares of Flowco stock opened at $20.55 on Thursday. The company's fifty day simple moving average is $22.91 and its two-hundred day simple moving average is $22.45. Flowco Holdings Inc. has a 12-month low of $14.03 and a 12-month high of $28.26. The firm has a market cap of $1.86 billion, a PE ratio of 17.57 and a beta of 0.89. The company has a quick ratio of 1.48, a current ratio of 3.09 and a debt-to-equity ratio of 1.00.

Flowco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 27th. Investors of record on Friday, May 15th were paid a $0.09 dividend. The ex-dividend date of this dividend was Friday, May 15th. This is a boost from Flowco's previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 1.8%. Flowco's payout ratio is 30.77%.

Wall Street Analyst Weigh In

FLOC has been the subject of a number of recent research reports. Jefferies Financial Group restated a "buy" rating and issued a $33.00 price objective on shares of Flowco in a report on Thursday, May 7th. Weiss Ratings raised shares of Flowco from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 29th. Piper Sandler decreased their price objective on Flowco from $32.00 to $31.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Citigroup initiated coverage on Flowco in a report on Thursday, May 28th. They set a "neutral" rating and a $31.00 target price for the company. Finally, Zacks Research cut Flowco from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 4th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $29.20.

Flowco 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. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies.

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