CenterBook Partners LP Makes New Investment in Flowco Holdings Inc. $FLOC

Key Points

• CenterBook Partners initiated a position in Flowco, acquiring 60,329 shares worth about $1.09 million, or 0.07% of the company.
• Flowco insiders purchased 56,840 shares worth roughly $1.10 million over the past three months; CEO Joseph Edwards and Director Jonathan Fairbanks both made notable buys.
• Analysts’ average rating is “Moderate Buy,” with a $29.25 average price target. Flowco’s latest reported quarterly EPS of $0.28 missed the $0.37 consensus estimate, and the company announced a $0.09 quarterly dividend.

CenterBook Partners LP acquired a new position in Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 60,329 shares of the company's stock, valued at approximately $1,092,000. CenterBook Partners LP owned 0.07% of Flowco at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in FLOC. State of Alaska Department of Revenue grew its stake in Flowco by 20.3% in the third quarter. State of Alaska Department of Revenue now owns 9,228 shares of the company's stock valued at $166,000 after purchasing an additional 1,557 shares during the last quarter. Corient Private Wealth LP purchased a new stake in Flowco in the second quarter valued at $898,000. Bank of America Corp DE increased its holdings in shares of Flowco by 327.4% during the 1st quarter. Bank of America Corp DE now owns 472,195 shares of the company's stock valued at $9,727,000 after purchasing an additional 361,721 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Flowco by 24.4% in the first quarter. Lazard Asset Management LLC now owns 128,118 shares of the company's stock worth $2,639,000 after acquiring an additional 25,144 shares during the period. Finally, Rice Hall James & Associates LLC raised its holdings in Flowco by 1.8% in the 1st quarter. Rice Hall James & Associates LLC now owns 165,802 shares of the company's stock worth $3,416,000 after purchasing an additional 3,009 shares during the period.

Insider Activity at Flowco

In other Flowco news, CEO Joseph R. Edwards bought 41,000 shares of the stock in a transaction dated Thursday, November 5th. The shares were acquired at an average cost of $19.47 per share, for a total transaction of $798,270.00. Following the completion of the transaction, the chief executive officer owned 295,920 shares in the company, valued at approximately $5,761,562.40. The trade was a 16.08% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan Fairbanks acquired 15,140 shares of the stock in a transaction on Wednesday, November 4th. The shares were acquired at an average cost of $19.35 per share, for a total transaction of $292,959.00. Following the completion of the transaction, the director directly owned 30,765 shares in the company, valued at $595,302.75. The trade was a 96.90% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 56,840 shares of company stock valued at $1,104,431 over the last three months. Corporate insiders own 69.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FLOC shares. Wall Street Zen raised shares of Flowco from a "hold" rating to a "buy" rating in a research note on Saturday. Citigroup cut their price target on shares of Flowco from $30.81 to $27.00 and set a "neutral" rating for the company in a report on Thursday, September 3rd. Piper Sandler lowered their target price on shares of Flowco from $32.00 to $31.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Weiss Ratings raised Flowco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Finally, Zacks Research raised Flowco from a "strong sell" rating to a "hold" rating in a research report on Monday, October 12th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $29.25.

Flowco Trading Up 4.1%

FLOC opened at $20.88 on Tuesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.33 and a current ratio of 2.67. Flowco Holdings Inc. has a one year low of $15.72 and a one year high of $28.26. The company has a market cap of $1.89 billion, a P/E ratio of 15.82 and a beta of 0.92. The business's 50-day simple moving average is $19.70 and its 200-day simple moving average is $21.82.

Flowco (NYSE:FLOC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.09). The company had revenue of $235.86 million during the quarter. Flowco had a net margin of 6.36% and a return on equity of 40.38%. As a group, equities research analysts expect that Flowco Holdings Inc. will post 1.36 EPS for the current fiscal year.

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Friday, November 13th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 13th. Flowco's payout ratio is presently 27.27%.

Flowco Profile

Flowco Holdings, Inc provides production optimization and artificial-lift solutions to oil and natural gas companies. Its equipment and services help operators maintain or increase well production, including gas-lift and plunger-lift systems, wellhead compression, and related field services.

The company also offers methane-abatement and emissions-management solutions, including vapor recovery equipment designed to capture gases that might otherwise be released into the atmosphere. Flowco serves customers in the United States and select international markets.

Flowco's operations bring together businesses focused on production equipment, artificial lift, compression, and emissions control.

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