Phoenix Financial Ltd. Invests $10.33 Million in Flowco Holdings Inc. (NYSE:FLOC)

Key Points

• Phoenix Financial Ltd. invested over $10 million in Flowco Holdings Inc., acquiring approximately 402,830 shares, representing around 0.44% of the company.
• Flowco announced a share buyback plan allowing it to repurchase up to $50 million in shares, reflecting management's belief that the stock is undervalued.
• The company reported earnings per share of $0.46, exceeding analysts' expectations, and declared a quarterly dividend of $0.08 per share, indicating a yield of 1.63%.

Phoenix Financial Ltd. acquired a new stake in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 402,830 shares of the company's stock, valued at approximately $10,333,000. Phoenix Financial Ltd. owned 0.44% of Flowco at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FLOC. Praxis Investment Management Inc. purchased a new position in shares of Flowco during the 1st quarter valued at approximately $1,210,000. Sigma Planning Corp purchased a new position in shares of Flowco during the 1st quarter valued at approximately $359,000. Emerald Advisers LLC purchased a new position in shares of Flowco during the 1st quarter valued at approximately $5,750,000. New York State Common Retirement Fund purchased a new position in shares of Flowco during the 1st quarter valued at approximately $156,000. Finally, Jennison Associates LLC purchased a new position in shares of Flowco during the 1st quarter valued at approximately $2,057,000.

Analyst Ratings Changes

FLOC has been the subject of several recent analyst reports. Evercore ISI cut their price target on shares of Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, May 14th. Jefferies Financial Group set a $32.00 price target on shares of Flowco and gave the stock a "buy" rating in a report on Wednesday, May 14th. Finally, Piper Sandler reissued an "overweight" rating and issued a $33.00 price target (down previously from $34.00) on shares of Flowco in a report on Wednesday, May 14th. Five research 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.com, the company currently has a consensus rating of "Buy" and a consensus price target of $32.40.

Flowco Price Performance

Shares of Flowco stock traded down $0.42 during trading hours on Tuesday, reaching $19.67. 100,965 shares of the company's stock were exchanged, compared to its average volume of 451,903. Flowco Holdings Inc. has a 1 year low of $15.82 and a 1 year high of $30.50. The stock has a market capitalization of $1.78 billion and a P/E ratio of 10.69. The firm has a fifty day moving average price of $18.03.

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, beating analysts' consensus estimates of $0.36 by $0.10. The firm had revenue of $192.35 million during the quarter, compared to analysts' expectations of $198.35 million. As a group, research 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 was paid on Wednesday, May 28th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.63%. The ex-dividend date was Wednesday, May 14th. Flowco's dividend payout ratio (DPR) is presently 17.39%.

Flowco announced that its Board of Directors has initiated a stock buyback program on Thursday, June 12th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are undervalued.

Flowco Company 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.