305,154 Shares in Flowco Holdings Inc. (NYSE:FLOC) Bought by Peregrine Capital Management LLC

Peregrine Capital Management LLC acquired a new position in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 305,154 shares of the company's stock, valued at approximately $7,827,000. Peregrine Capital Management LLC owned approximately 0.34% of Flowco as of its most recent filing with the Securities and Exchange Commission.

Separately, Yorktown Management & Research Co Inc bought a new stake in shares of Flowco during the first quarter worth $218,000.

Flowco Price Performance

Flowco stock traded up $0.17 during midday trading on Thursday, hitting $18.18. 338,678 shares of the stock were exchanged, compared to its average volume of 474,955. The stock has a market capitalization of $1.65 billion and a PE ratio of 9.88. The firm has a fifty day moving average price of $18.75. Flowco Holdings Inc. has a 52 week low of $15.82 and a 52 week high of $30.50.

Flowco (NYSE:FLOC - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.10. The firm had revenue of $192.35 million for the quarter, compared to the consensus estimate of $198.35 million. On average, research analysts forecast that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco announced that its board has initiated a share repurchase program on Thursday, June 12th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Flowco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date was Wednesday, May 14th. Flowco's dividend payout ratio is currently 17.39%.

Analyst Upgrades and Downgrades

FLOC has been the subject of several recent research reports. Fearnley Fonds raised Flowco to a "strong-buy" rating in a report on Friday, March 21st. Piper Sandler reissued an "overweight" rating and set a $33.00 price target (down from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Jefferies Financial Group set a $32.00 price objective on shares of Flowco and gave the company a "buy" rating in a research note on Wednesday, May 14th. Finally, Evercore ISI dropped their target price on shares of Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $32.40.

About Flowco

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.