Flowco Holdings Inc. $FLOC Shares Sold by Praxis Investment Management Inc.

Key Points

• Praxis Investment Management Inc. reduced its holdings in Flowco Holdings Inc. by 75.3% in Q2, now owning 11,640 shares, valued at approximately $207,000.
• Several institutional investors made notable new acquisitions in Flowco during the first quarter, with American Century Companies Inc. leading with a position valued at around $50.6 million.
• Flowco recently reported earnings of $1.26 per share, surpassing the consensus estimate, and declared a quarterly dividend of $0.08 per share, reflecting a yield of 2.2%.

Praxis Investment Management Inc. trimmed its holdings in Flowco Holdings Inc. (NYSE:FLOC - Free Report) by 75.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,640 shares of the company's stock after selling 35,540 shares during the period. Praxis Investment Management Inc.'s holdings in Flowco were worth $207,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. American Century Companies Inc. acquired a new position in shares of Flowco in the 1st quarter valued at approximately $50,586,000. Vanguard Group Inc. acquired a new stake in shares of Flowco during the 1st quarter valued at approximately $45,022,000. Alliancebernstein L.P. acquired a new stake in shares of Flowco during the 1st quarter valued at approximately $19,449,000. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Flowco during the 1st quarter valued at approximately $14,108,000. Finally, Encompass Capital Advisors LLC acquired a new stake in shares of Flowco during the 1st quarter valued at approximately $13,718,000.

Wall Street Analysts Forecast Growth

FLOC has been the topic of several research reports. Piper Sandler dropped their price target on Flowco from $33.00 to $28.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 6th. Evercore ISI dropped their price target on Flowco from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group set a $28.00 price objective on Flowco and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Flowco in a research note on Tuesday, October 14th. Finally, Zacks Research upgraded Flowco from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $29.40.

Flowco Trading Up 1.0%

NYSE:FLOC opened at $14.62 on Monday. Flowco Holdings Inc. has a 1 year low of $14.03 and a 1 year high of $30.50. The stock has a market cap of $1.32 billion and a price-to-earnings ratio of 7.95. The business has a fifty day moving average of $15.66 and a 200-day moving average of $17.61. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.57 and a current ratio of 3.25.

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

Flowco Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a $0.08 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.32 annualized dividend and a dividend yield of 2.2%. Flowco's dividend payout ratio is presently 17.39%.

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.

Want to see what other hedge funds are holding FLOC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flowco Holdings Inc. (NYSE:FLOC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.