Alliancebernstein L.P. Makes New Investment in Flowco Holdings Inc. $FLOC

Key Points

• AllianceBernstein L.P. acquired 758,235 shares of Flowco Holdings Inc. for approximately $19.4 million, representing a 0.84% stake in the company.
• Several hedge funds have also entered positions in Flowco, with notable acquisitions including American Century Companies Inc. at $50.6 million and Vanguard Group Inc. at $45 million.
• Flowco recently announced a $50 million stock repurchase program, indicating the company's belief that its shares are undervalued, alongside a quarterly dividend of $0.08 per share.

Alliancebernstein L.P. bought a new stake in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 758,235 shares of the company's stock, valued at approximately $19,449,000. Alliancebernstein L.P. owned approximately 0.84% of Flowco at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. New York State Common Retirement Fund acquired a new position in shares of Flowco during the first quarter worth about $156,000. Yorktown Management & Research Co Inc purchased a new stake in shares of Flowco during the 1st quarter valued at about $218,000. Corebridge Financial Inc. acquired a new position in Flowco during the 1st quarter worth approximately $247,000. Invesco Ltd. purchased a new position in Flowco in the 1st quarter worth approximately $292,000. Finally, Deutsche Bank AG acquired a new stake in Flowco in the first quarter valued at approximately $292,000.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Evercore ISI reduced their target price on shares of Flowco from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Piper Sandler decreased their price objective on shares of Flowco from $33.00 to $28.00 and set an "overweight" rating for the company in a research report on Wednesday, August 6th. Jefferies Financial Group set a $28.00 price target on Flowco and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Finally, Zacks Research raised Flowco from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $29.40.

Flowco Stock Performance

Shares of NYSE FLOC traded up $0.37 during trading on Tuesday, reaching $16.77. The stock had a trading volume of 416,605 shares, compared to its average volume of 321,845. The firm's 50 day moving average price is $17.00 and its two-hundred day moving average price is $19.07. Flowco Holdings Inc. has a one year low of $14.89 and a one year high of $30.50. The stock has a market cap of $1.52 billion and a PE ratio of 9.11. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.57 and a current ratio of 3.25.

Flowco (NYSE:FLOC - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $1.26 EPS for the quarter, topping analysts' consensus estimates of $0.32 by $0.94. The business had revenue of $193.21 million during the quarter, compared to analyst estimates of $190.16 million. On average, research analysts forecast that Flowco Holdings Inc. will post 1.54 earnings per share for the current fiscal year.

Flowco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, August 15th. This represents a $0.32 annualized dividend and a yield of 1.9%. Flowco's dividend payout ratio is 17.39%.

Flowco declared that its board has approved a stock buyback plan on Thursday, June 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

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.