Goldman Sachs Group Inc. Makes New $878,000 Investment in Flowco Holdings Inc. $FLOC

Key Points

• Goldman Sachs Group Inc. invested approximately $878,000 in Flowco Holdings Inc., acquiring 34,231 shares during the first quarter.
• Flowco reported earnings of $1.26 per share for the last quarter, significantly surpassing the consensus estimate of $0.32, alongside a revenue of $193.21 million.
• The company announced a quarterly dividend of $0.08 per share and authorized a stock repurchase program for up to $50 million, reflecting confidence in its stock value.

Goldman Sachs Group Inc. purchased a new position in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 34,231 shares of the company's stock, valued at approximately $878,000.

Other hedge funds also recently bought and sold shares of the company. Strs Ohio purchased a new position in Flowco during the first quarter worth approximately $92,000. New York State Common Retirement Fund purchased a new position in Flowco during the first quarter worth approximately $156,000. Yorktown Management & Research Co Inc purchased a new position in Flowco during the first quarter worth approximately $218,000. Corebridge Financial Inc. purchased a new position in Flowco during the first quarter worth approximately $247,000. Finally, Invesco Ltd. purchased a new position in Flowco during the first quarter worth approximately $292,000.

Analysts Set New Price Targets

A number of brokerages have commented on FLOC. Piper Sandler reduced their target price on Flowco from $33.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Jefferies Financial Group set a $28.00 target price on Flowco and gave the company a "buy" rating in a report on Tuesday, August 5th. Zacks Research raised Flowco from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Evercore ISI reduced their target price on Flowco from $28.00 to $26.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $29.40.

Flowco Price Performance

NYSE:FLOC opened at $15.37 on Tuesday. Flowco Holdings Inc. has a one year low of $14.89 and a one year high of $30.50. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.57 and a current ratio of 3.25. The stock has a market cap of $1.39 billion and a PE ratio of 8.35. The stock has a 50 day moving average price of $16.81 and a 200 day moving average price of $18.82.

Flowco (NYSE:FLOC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $1.26 EPS 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. Equities research analysts expect that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, August 15th. Flowco's dividend payout ratio is presently 17.39%.

Flowco declared that its Board of Directors has authorized a stock repurchase program on Thursday, June 12th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is 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.

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