Burkehill Global Management LP Takes $2.95 Million Position in Flowco Holdings Inc. (NYSE:FLOC)

Key Points

• Burkehill Global Management LP acquired 115,000 shares of Flowco Holdings Inc., valued at approximately $2.95 million, reflecting a small stake of 0.13% by the end of the most recent quarter.
• Flowco recently declared a $0.08 quarterly dividend, with an annualized yield of 2.0%, and has a stock repurchase plan in place allowing for up to $50 million in share buybacks.
• Analysts maintain an "average Buy" rating for Flowco, with a consensus price target of $29.40, despite recent price target reductions from firms like Evercore ISI and Piper Sandler.

Burkehill Global Management LP bought a new stake in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 115,000 shares of the company's stock, valued at approximately $2,950,000. Burkehill Global Management LP owned approximately 0.13% of Flowco as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently bought and sold shares of FLOC. New York State Common Retirement Fund purchased a new position in shares of Flowco in the first quarter valued at about $156,000. Yorktown Management & Research Co Inc purchased a new position in shares of Flowco in the first quarter valued at about $218,000. Invesco Ltd. purchased a new position in shares of Flowco in the first quarter valued at about $292,000. Deutsche Bank AG purchased a new position in shares of Flowco in the first quarter valued at about $292,000. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Flowco in the first quarter valued at about $305,000.

Analysts Set New Price Targets

FLOC has been the topic of several research analyst reports. Piper Sandler lowered their price objective on Flowco from $33.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group set a $28.00 target price on Flowco and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, Evercore ISI decreased their target price on Flowco from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Flowco currently has a consensus rating of "Buy" and an average price target of $29.40.

Flowco Price Performance

Shares of NYSE:FLOC traded up $0.08 during mid-day trading on Thursday, reaching $16.24. The stock had a trading volume of 204,330 shares, compared to its average volume of 325,778. The business's 50 day moving average price is $17.85 and its 200 day moving average price is $20.93. The company has a current ratio of 3.25, a quick ratio of 1.57 and a debt-to-equity ratio of 1.19. Flowco Holdings Inc. has a 1 year low of $15.58 and a 1 year high of $30.50. The company has a market cap of $1.47 billion and a P/E ratio of 8.83.

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

Flowco Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Flowco's payout ratio is presently 17.39%.

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