KLP Kapitalforvaltning AS Makes New $1.03 Million Investment in Flowco Holdings Inc. (NYSE:FLOC)

Key Points

• KLP Kapitalforvaltning AS has acquired a new position in Flowco Holdings Inc., purchasing 40,000 shares valued at approximately $1,026,000.
• Flowco recently declared a quarterly dividend of $0.08 per share, resulting in an annualized dividend yield of 1.59%.
• Analysts have generally rated Flowco's stock as a "buy," with an average price target of $32.40.

KLP Kapitalforvaltning AS acquired a new stake 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 firm acquired 40,000 shares of the company's stock, valued at approximately $1,026,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Praxis Investment Management Inc. purchased a new position in Flowco during the first quarter valued at $1,210,000. Sigma Planning Corp acquired a new stake in shares of Flowco in the first quarter valued at about $359,000. Emerald Advisers LLC acquired a new stake in shares of Flowco in the first quarter valued at about $5,750,000. New York State Common Retirement Fund acquired a new stake in shares of Flowco in the first quarter valued at about $156,000. Finally, Jennison Associates LLC acquired a new stake in shares of Flowco in the first quarter valued at about $2,057,000.

Flowco Price Performance

Flowco stock traded down $1.18 during midday trading on Friday, hitting $17.52. 86,926 shares of the stock were exchanged, compared to its average volume of 446,686. Flowco Holdings Inc. has a fifty-two week low of $15.82 and a fifty-two week high of $30.50. The firm has a market cap of $1.59 billion and a PE ratio of 9.52. The stock's 50-day moving average price is $18.07.

Flowco (NYSE:FLOC - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $198.35 million. As a group, equities analysts anticipate that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.8%. Flowco's dividend payout ratio (DPR) is presently 17.39%.

Flowco declared that its Board of Directors has authorized a stock buyback program on Thursday, June 12th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FLOC. Evercore ISI reduced their target price on shares of Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Jefferies Financial Group set a $32.00 target price on shares of Flowco and gave the company a "buy" rating in a research report on Wednesday, May 14th. Finally, 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. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $32.40.

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.