Sigma Planning Corp Acquires New Position in Flowco Holdings Inc. (NYSE:FLOC)

Sigma Planning Corp bought a new position in Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,000 shares of the company's stock, valued at approximately $359,000.

A number of other institutional investors also recently modified their holdings of the stock. Peregrine Capital Management LLC bought a new stake in shares of Flowco during the first quarter worth approximately $7,827,000. Emerald Advisers LLC bought a new stake in shares of Flowco during the first quarter worth approximately $5,750,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Flowco during the first quarter worth approximately $3,512,000. Praxis Investment Management Inc. bought a new stake in shares of Flowco during the first quarter worth approximately $1,210,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Flowco during the first quarter worth approximately $1,064,000.

Flowco Stock Performance

FLOC traded up $0.31 during trading hours on Wednesday, hitting $19.66. 222,664 shares of the company's stock were exchanged, compared to its average volume of 388,301. Flowco Holdings Inc. has a 1-year low of $15.82 and a 1-year high of $30.50. The firm has a 50-day moving average price of $17.99. The company has a market capitalization of $1.78 billion and a PE ratio of 10.68.

Flowco (NYSE:FLOC - Get Free Report) last announced its quarterly earnings results 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, sell-side analysts anticipate that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

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

Flowco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Wednesday, May 14th. Flowco's dividend payout ratio is presently 17.39%.

Analyst Ratings Changes

Several research firms have weighed in on FLOC. Jefferies Financial Group set a $32.00 target price on shares of Flowco and gave the stock a "buy" rating in a report on Wednesday, May 14th. 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. Finally, Evercore ISI decreased 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. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Flowco currently has an average rating of "Buy" and an average target price of $32.40.

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.