Jennison Associates LLC Takes $2.06 Million Position in Flowco Holdings Inc. (NYSE:FLOC)

Jennison Associates LLC purchased a new position in Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 80,190 shares of the company's stock, valued at approximately $2,057,000. Jennison Associates LLC owned about 0.09% of Flowco at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FLOC. Massachusetts Financial Services Co. MA bought a new stake in Flowco during the first quarter valued at about $305,000. Sigma Planning Corp bought a new stake in Flowco during the first quarter valued at about $359,000. Emerald Advisers LLC bought a new stake in Flowco during the first quarter valued at about $5,750,000. New York State Common Retirement Fund purchased a new position in shares of Flowco in the first quarter valued at about $156,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in shares of Flowco in the first quarter valued at about $3,512,000.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FLOC. Piper Sandler reiterated an "overweight" rating and issued a $33.00 target price (down from $34.00) on shares of Flowco in a research report on Wednesday, May 14th. Jefferies Financial Group set a $32.00 target price on Flowco and gave the stock a "buy" rating in a research report on Wednesday, May 14th. Finally, Evercore ISI decreased their target price on Flowco from $35.00 to $32.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $32.40.

Flowco Stock Performance

Shares of FLOC traded down $0.22 during mid-day trading on Thursday, reaching $19.54. 77,183 shares of the company's stock traded hands, compared to its average volume of 459,370. The stock has a market capitalization of $1.77 billion and a PE ratio of 10.62. The firm's 50-day moving average is $17.99. Flowco Holdings Inc. has a 12 month low of $15.82 and a 12 month high of $30.50.

Flowco (NYSE:FLOC - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.10. The firm had revenue of $192.35 million during the quarter, compared to the consensus estimate of $198.35 million. As a group, equities research analysts forecast that Flowco Holdings Inc. will post 1.54 EPS for the current year.

Flowco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were issued a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.64%. Flowco's dividend payout ratio is presently 17.39%.

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