Bank of America Corp DE lifted its position in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) by 327.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 472,195 shares of the company's stock after buying an additional 361,721 shares during the quarter. Bank of America Corp DE owned about 0.52% of Flowco worth $9,727,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Wellington Management Group LLP acquired a new stake in Flowco during the 4th quarter worth about $12,753,000. Emerald Advisers LLC bought a new stake in Flowco in the first quarter worth approximately $7,971,000. First Eagle Investment Management LLC acquired a new position in Flowco in the fourth quarter valued at approximately $6,452,000. Walleye Capital LLC bought a new position in shares of Flowco during the 1st quarter worth approximately $6,121,000. Finally, Renaissance Technologies LLC boosted its holdings in shares of Flowco by 237.6% during the 1st quarter. Renaissance Technologies LLC now owns 396,000 shares of the company's stock worth $8,158,000 after buying an additional 278,700 shares in the last quarter.
Flowco Trading Up 0.1%
Shares of Flowco stock opened at $22.65 on Monday. The company has a market capitalization of $2.05 billion, a P/E ratio of 18.27 and a beta of 0.90. The stock has a fifty day simple moving average of $21.28 and a 200 day simple moving average of $22.68. Flowco Holdings Inc. has a 12-month low of $14.03 and a 12-month high of $28.26. The company has a current ratio of 2.67, a quick ratio of 1.33 and a debt-to-equity ratio of 0.84.
Flowco (NYSE:FLOC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.09). Flowco had a net margin of 6.07% and a return on equity of 35.21%. The company had revenue of $235.86 million for the quarter. On average, sell-side analysts anticipate that Flowco Holdings Inc. will post 1.42 earnings per share for the current fiscal year.
Flowco Announces Dividend
The firm also recently announced a special dividend, which will be paid on Monday, August 31st. Stockholders of record on Friday, August 21st will be paid a $0.14 dividend. The ex-dividend date is Friday, August 21st. Flowco's payout ratio is presently 29.03%.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on the stock. Zacks Research lowered shares of Flowco from a "hold" rating to a "strong sell" rating in a research note on Thursday. Weiss Ratings raised shares of Flowco from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, August 17th. Piper Sandler dropped their price objective on shares of Flowco from $32.00 to $31.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Jefferies Financial Group restated a "buy" rating and issued a $33.00 target price on shares of Flowco in a research note on Thursday, May 7th. Finally, Citigroup started coverage on Flowco in a research report on Thursday, May 28th. They issued a "neutral" rating and a $31.00 target price for the company. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $29.20.
View Our Latest Stock Report on Flowco
Flowco Profile
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding FLOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flowco Holdings Inc. (NYSE:FLOC - Free Report).
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