369,800 Shares in Flowco Holdings Inc. (NYSE:FLOC) Acquired by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. acquired a new position in Flowco Holdings Inc., purchasing 369,800 shares valued at approximately $9.49 million.
• Flowco announced a quarterly dividend of $0.08 per share, representing a yield of 1.9%, and also approved a $50 million share repurchase program.
• Several brokerage firms have reaffirmed buy ratings for Flowco, with an average price target of $32.40 per share, indicating optimism for the company's growth.

Federated Hermes Inc. purchased a new position in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 369,800 shares of the company's stock, valued at approximately $9,485,000. Federated Hermes Inc. owned approximately 0.41% of Flowco at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in Flowco in the 1st quarter valued at about $1,064,000. Praxis Investment Management Inc. acquired a new position in shares of Flowco in the first quarter valued at about $1,210,000. Phoenix Financial Ltd. acquired a new position in shares of Flowco in the first quarter valued at about $10,333,000. Sigma Planning Corp acquired a new position in shares of Flowco in the first quarter valued at about $359,000. Finally, Emerald Advisers LLC acquired a new position in shares of Flowco in the first quarter valued at about $5,750,000.

Flowco Stock Down 0.6%

Flowco stock traded down $0.11 during trading hours on Monday, reaching $17.08. 592,030 shares of the stock were exchanged, compared to its average volume of 293,984. Flowco Holdings Inc. has a twelve month low of $15.82 and a twelve month high of $30.50. The stock has a 50 day moving average price of $18.05.

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

Flowco announced that its board has approved a stock repurchase program on Thursday, June 12th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Flowco Dividend Announcement

The business 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 dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.32 annualized dividend and a dividend yield of 1.9%. Flowco's payout ratio is 17.39%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FLOC. Evercore ISI cut their target price on Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Piper Sandler reissued an "overweight" rating and set a $33.00 target price (down from $34.00) on shares of Flowco in a report on Wednesday, May 14th. Finally, Jefferies Financial Group set a $32.00 price objective on shares of Flowco and gave the stock a "buy" rating in a research note on Wednesday, May 14th. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price 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.