Renaissance Technologies LLC Raises Position in Flowco Holdings Inc. $FLOC

Key Points

• Renaissance Technologies increased its Flowco Holdings position by 237.6% in the first quarter, acquiring 278,700 additional shares for a total stake of 396,000 shares valued at approximately $8.16 million.
• Analyst sentiment remains moderately positive, with four Buy ratings and three Holds. Flowco has an average price target of $29.20, despite recent target cuts and rating downgrades from some firms.
• Flowco shares opened at $20.20, while the company announced a quarterly dividend of $0.09 per share, equivalent to an annualized $0.36 payout and a 1.8% yield.

Renaissance Technologies LLC lifted its position in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) by 237.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 396,000 shares of the company's stock after acquiring an additional 278,700 shares during the quarter. Renaissance Technologies LLC owned 0.44% of Flowco worth $8,158,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new position in Flowco during the 4th quarter worth approximately $12,753,000. Emerald Advisers LLC acquired a new stake in shares of Flowco in the 1st quarter valued at approximately $7,971,000. First Eagle Investment Management LLC acquired a new position in Flowco during the fourth quarter worth $6,452,000. Walleye Capital LLC purchased a new position in Flowco in the first quarter worth $6,121,000. Finally, Encompass Capital Advisors LLC raised its position in Flowco by 21.8% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,503,216 shares of the company's stock worth $28,170,000 after acquiring an additional 268,903 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FLOC shares. Weiss Ratings raised shares of Flowco from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, May 29th. Zacks Research downgraded shares of Flowco from a "strong-buy" rating to a "hold" rating in a report on Monday, May 4th. Piper Sandler lowered their target price on shares of Flowco from $32.00 to $31.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen cut shares of Flowco from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Citigroup assumed coverage on shares of Flowco in a research report on Thursday, May 28th. They set a "neutral" rating and a $31.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $29.20.

Flowco Stock Performance

NYSE:FLOC opened at $20.20 on Tuesday. The company has a current ratio of 3.09, a quick ratio of 1.48 and a debt-to-equity ratio of 1.00. The company has a market capitalization of $1.83 billion, a P/E ratio of 17.27 and a beta of 0.89. The firm has a 50-day moving average price of $21.71 and a two-hundred day moving average price of $22.49. Flowco Holdings Inc. has a twelve month low of $14.03 and a twelve month high of $28.26.

Flowco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, August 14th. Flowco's dividend payout ratio (DPR) is 30.77%.

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. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source