41,486 Shares in Flowco Holdings Inc. (NYSE:FLOC) Purchased by Bank of New York Mellon Corp

Key Points

• The Bank of New York Mellon Corp bought 41,486 shares of Flowco Holdings Inc. valued at approximately $1,064,000 in its 1st quarter filing with the SEC.
• Flowco has received multiple analyst ratings, with an average rating of Buy and a consensus target price of $32.40, despite recent downgrades in target prices from some firms.
• The company announced a $50 million share buyback plan, which indicates the Board believes the stock is undervalued, allowing it to reacquire up to 3% of its shares.

Bank of New York Mellon Corp purchased a new position in Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 41,486 shares of the company's stock, valued at approximately $1,064,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Peregrine Capital Management LLC purchased a new stake in Flowco during the 1st quarter valued at $7,827,000. Praxis Investment Management Inc. purchased a new stake in Flowco during the 1st quarter valued at $1,210,000. Finally, Yorktown Management & Research Co Inc purchased a new stake in Flowco during the 1st quarter valued at $218,000.

Flowco Price Performance

Flowco stock traded up $0.10 during trading on Monday, reaching $17.29. The company had a trading volume of 104,797 shares, compared to its average volume of 445,554. Flowco Holdings Inc. has a 52 week low of $15.82 and a 52 week high of $30.50. The business's 50-day moving average is $18.05. The stock has a market capitalization of $1.57 billion and a price-to-earnings ratio of 9.40.

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

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

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.9%. Flowco's dividend payout ratio (DPR) is 17.39%.

Analysts Set New Price Targets

Several analysts have commented on the company. Jefferies Financial Group set a $32.00 target price on Flowco and gave the company a "buy" rating in a research note on Wednesday, May 14th. Piper Sandler restated an "overweight" rating and issued a $33.00 price target (down from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Finally, Evercore ISI dropped their price target on Flowco from $35.00 to $32.00 and set an "outperform" rating on the stock in a research note 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target 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.