Burkehill Global Management LP Takes 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 acquired a new stake in Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 115,000 shares of the company's stock, valued at approximately $2,950,000. Burkehill Global Management LP owned approximately 0.13% of Flowco at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. purchased a new stake in shares of Flowco in the 1st quarter worth approximately $45,022,000. Phoenix Financial Ltd. purchased a new stake in Flowco during the first quarter worth $10,333,000. Federated Hermes Inc. purchased a new position in shares of Flowco in the 1st quarter valued at $9,485,000. Peregrine Capital Management LLC bought a new position in shares of Flowco in the 1st quarter worth $7,827,000. Finally, Emerald Advisers LLC purchased a new stake in shares of Flowco during the 1st quarter worth $5,750,000.

Wall Street Analysts Forecast Growth

FLOC has been the subject of a number of recent research reports. Evercore ISI reduced their target price on shares of Flowco from $28.00 to $26.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Piper Sandler reduced their price objective on shares of Flowco from $33.00 to $28.00 and set an "overweight" rating for the company in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group decreased their target price on shares of Flowco from $32.00 to $28.00 and set a "buy" rating for the company in a research report on Tuesday, August 5th. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $29.40.

Flowco Stock Up 0.4%

Shares of FLOC stock traded up $0.07 during trading hours on Wednesday, reaching $16.43. 26,924 shares of the company's stock were exchanged, compared to its average volume of 445,721. The stock's fifty day moving average price is $17.87 and its two-hundred day moving average price is $21.06. The stock has a market cap of $1.49 billion and a PE ratio of 8.93. 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.

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

Flowco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, August 15th. Flowco's dividend payout ratio is 17.39%.

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

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.