Praxis Investment Management Inc. Buys New Position in Flowco Holdings Inc. (NYSE:FLOC)

Praxis Investment Management Inc. purchased a new stake in Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 47,180 shares of the company's stock, valued at approximately $1,210,000. Praxis Investment Management Inc. owned about 0.05% of Flowco as of its most recent SEC filing.

Flowco Trading Down 2.5%

Shares of FLOC traded down $0.44 during midday trading on Wednesday, reaching $17.38. The stock had a trading volume of 376,825 shares, compared to its average volume of 380,363. The business has a fifty day moving average price of $18.96. Flowco Holdings Inc. has a 1-year low of $15.82 and a 1-year high of $30.50.

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

Flowco announced that its Board of Directors has authorized a stock repurchase program on Thursday, June 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

Flowco Dividend Announcement

The firm also recently announced 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 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Wednesday, May 14th. Flowco's dividend payout ratio (DPR) is presently 17.39%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FLOC. Piper Sandler reissued an "overweight" rating and issued a $33.00 price target (down previously from $34.00) on shares of Flowco in a research report on Wednesday, May 14th. Fearnley Fonds upgraded Flowco to a "strong-buy" rating in a research note on Friday, March 21st. Evercore ISI lowered their target price on Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research note on Wednesday, May 14th. Finally, Jefferies Financial Group set a $32.00 price target on Flowco and gave the stock a "buy" rating in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $32.40.

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.