Bank of New York Mellon Corp Makes New Investment in Flowco Holdings Inc. (NYSE:FLOC)

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 stake in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 41,486 shares of the company's stock, valued at approximately $1,064,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Praxis Investment Management Inc. acquired a new position in Flowco during the first quarter valued at approximately $1,210,000. Yorktown Management & Research Co Inc bought a new stake in shares of Flowco during the 1st quarter worth $218,000. Finally, Peregrine Capital Management LLC acquired a new position in Flowco in the 1st quarter valued at $7,827,000.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FLOC. Evercore ISI decreased their price target on shares of Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, May 14th. 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. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $33.00 price target (down from $34.00) on shares of Flowco in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $32.40.

Flowco Trading Down 8.2%

Shares of FLOC traded down $1.53 during trading hours on Friday, reaching $17.17. 272,087 shares of the company traded hands, compared to its average volume of 280,380. The firm has a fifty day moving average of $18.05. Flowco Holdings Inc. has a 1-year low of $15.82 and a 1-year high of $30.50. The firm has a market cap of $1.55 billion and a PE ratio of 9.33.

Flowco (NYSE:FLOC - Get Free Report) last posted its quarterly 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 firm had revenue of $192.35 million during the quarter, compared to analyst estimates of $198.35 million. Sell-side analysts predict that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 12th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Flowco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.9%. Flowco's dividend payout ratio is currently 17.39%.

Flowco 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.