Rhumbline Advisers Invests $646,000 in Flowco Holdings Inc. $FLOC

Key Points

• Rhumbline Advisers invested $646,000 in Flowco Holdings Inc. by purchasing 25,197 shares, indicating institutional investor confidence in the company.
• Flowco's stock has an average price target of $29.40 from analysts, with ratings ranging from "Strong Buy" to "Hold."
• The company has announced a quarterly dividend of $0.08, representing a 2.1% yield, alongside a plan to repurchase up to $50 million in shares.

Rhumbline Advisers purchased a new position in Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 25,197 shares of the company's stock, valued at approximately $646,000.

Other hedge funds have also made changes to their positions in the company. Strs Ohio acquired a new position in Flowco during the first quarter valued at approximately $92,000. New York State Common Retirement Fund acquired a new position in Flowco during the first quarter valued at approximately $156,000. Yorktown Management & Research Co Inc acquired a new position in Flowco during the first quarter valued at approximately $218,000. Corebridge Financial Inc. acquired a new position in Flowco during the first quarter valued at approximately $247,000. Finally, Invesco Ltd. acquired a new position in Flowco during the first quarter valued at approximately $292,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FLOC. Piper Sandler lowered their price objective on shares of Flowco from $33.00 to $28.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 6th. Zacks Research upgraded shares of Flowco from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. Evercore ISI lowered their price objective on shares of Flowco from $28.00 to $26.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group set a $28.00 price target on shares of Flowco and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Flowco has an average rating of "Buy" and an average price target of $29.40.

Flowco Price Performance

FLOC opened at $15.37 on Tuesday. The stock has a 50-day moving average price of $16.81 and a 200-day moving average price of $18.82. Flowco Holdings Inc. has a 12-month low of $14.89 and a 12-month high of $30.50. The company has a current ratio of 3.25, a quick ratio of 1.57 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $1.39 billion and a P/E ratio of 8.35.

Flowco (NYSE:FLOC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.94. The firm had revenue of $193.21 million during the quarter, compared to the consensus estimate of $190.16 million. Equities analysts predict that Flowco Holdings Inc. will post 1.54 earnings per share for the current fiscal year.

Flowco declared that its board has approved a share repurchase plan on Thursday, June 12th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board believes its stock is undervalued.

Flowco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Friday, August 15th. Flowco's dividend payout ratio is currently 17.39%.

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.

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