Readystate Asset Management LP Acquires Shares of 30,740 Flowco Holdings Inc. (NYSE:FLOC)

Readystate Asset Management LP bought a new stake in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 30,740 shares of the company's stock, valued at approximately $788,000.

Other hedge funds have also modified their holdings of the company. New York State Common Retirement Fund bought a new stake in shares of Flowco in the first quarter valued at about $156,000. Yorktown Management & Research Co Inc acquired a new position in shares of Flowco during the first quarter worth approximately $218,000. Massachusetts Financial Services Co. MA purchased a new stake in shares of Flowco during the 1st quarter valued at $305,000. Sigma Planning Corp bought a new position in Flowco in the 1st quarter worth about $359,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Flowco during the 1st quarter valued at about $1,026,000.

Analyst Ratings Changes

FLOC has been the topic of a number of analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $33.00 price target (down from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Jefferies Financial Group set a $32.00 price objective on Flowco and gave the company a "buy" rating in a research report on Wednesday, May 14th. Finally, Evercore ISI reduced their price target on Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $32.40.

Flowco Price Performance

NYSE:FLOC traded up $0.04 during trading hours on Friday, hitting $19.70. The company's stock had a trading volume of 100,666 shares, compared to its average volume of 360,950. The company has a market capitalization of $1.78 billion and a PE ratio of 10.71. The company has a fifty day simple moving average of $18.01. Flowco Holdings Inc. has a 52-week low of $15.82 and a 52-week 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 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 analyst estimates of $198.35 million. As a group, analysts predict that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.

Flowco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors 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 1.62%. Flowco's payout ratio is 17.39%.

Flowco declared that its board has approved a stock repurchase 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 often an indication that the company's management 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.