Federated Hermes Inc. Acquires Shares of 369,800 Flowco Holdings Inc. (NYSE:FLOC)

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. acquired a new position in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 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 reporting period.

A number of other hedge funds have also modified their holdings of FLOC. Phoenix Financial Ltd. acquired a new position in shares of Flowco in the 1st quarter valued at $10,333,000. Peregrine Capital Management LLC bought a new stake in shares of Flowco in the 1st quarter worth about $7,827,000. Emerald Advisers LLC bought a new stake in shares of Flowco in the 1st quarter worth about $5,750,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Flowco during the 1st quarter valued at about $3,512,000. Finally, Jennison Associates LLC bought a new stake in shares of Flowco during the 1st quarter valued at about $2,057,000.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. 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 research note on Wednesday. Jefferies Financial Group set a $28.00 target price on shares of Flowco in a research note on Tuesday. Finally, Piper Sandler cut their price target on shares of Flowco from $33.00 to $28.00 and set an "overweight" rating on the stock in a report on Wednesday. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Flowco currently has a consensus rating of "Buy" and an average price target of $29.40.

Flowco Trading Down 9.6%

Shares of Flowco stock traded down $1.70 during mid-day trading on Wednesday, reaching $16.06. 466,878 shares of the stock were exchanged, compared to its average volume of 449,756. The company has a market capitalization of $1.45 billion and a P/E ratio of 8.73. The company has a 50-day simple moving average of $18.02. Flowco Holdings Inc. has a fifty-two week low of $15.58 and a fifty-two week high of $30.50.

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

Flowco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 15th. Flowco's payout ratio is currently 17.39%.

Flowco declared that its Board of Directors has authorized a share buyback program on Thursday, June 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.