Alliancebernstein L.P. Buys Shares of 758,235 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) in 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 758,235 shares of the company's stock, valued at approximately $19,449,000. Alliancebernstein L.P. owned about 0.84% of Flowco at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. American Century Companies Inc. acquired a new position in shares of Flowco during the first quarter valued at approximately $50,586,000. Vanguard Group Inc. acquired a new position in shares of Flowco during the first quarter valued at approximately $45,022,000. T. Rowe Price Investment Management Inc. acquired a new position in shares of Flowco during the first quarter valued at approximately $14,108,000. Phoenix Financial Ltd. acquired a new position in shares of Flowco during the first quarter valued at approximately $10,333,000. Finally, Federated Hermes Inc. acquired a new position in shares of Flowco during the first quarter valued at approximately $9,485,000.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FLOC shares. Piper Sandler reduced their target price on Flowco from $33.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Evercore ISI cut their price target on Flowco from $28.00 to $26.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Jefferies Financial Group set a $28.00 price target on Flowco and gave the company a "buy" rating in a report 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 analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $29.40.

Flowco Price Performance

FLOC stock opened at $15.98 on Thursday. The business has a fifty day moving average of $17.16 and a two-hundred day moving average of $19.38. The company has a quick ratio of 1.57, a current ratio of 3.25 and a debt-to-equity ratio of 1.19. The stock has a market cap of $1.45 billion and a price-to-earnings ratio of 8.68. Flowco Holdings Inc. has a 52-week low of $14.89 and a 52-week high of $30.50.

Flowco (NYSE:FLOC - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.94. The business had revenue of $193.21 million for the quarter, compared to analyst estimates of $190.16 million. As a group, research analysts anticipate that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.

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

Flowco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.32 annualized dividend and a yield of 2.0%. Flowco's dividend payout ratio (DPR) is 17.39%.

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.

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