T. Rowe Price Investment Management Inc. Takes $14.11 Million Position in Flowco Holdings Inc. $FLOC

Key Points

• T. Rowe Price Investment Management Inc. has acquired a significant stake in Flowco Holdings Inc., purchasing 550,000 shares valued at approximately $14,108,000.
• Flowco announced a quarterly dividend of $0.08 per share, yielding 1.9%, and has a share repurchase plan authorized for $50 million.
• Analysts have varying ratings on Flowco stock, with a consensus rating of "Buy" and a target price of $29.40, despite recent price objective reductions from firms like Evercore ISI and Piper Sandler.

T. Rowe Price Investment Management Inc. bought a new position in Flowco Holdings Inc. (NYSE:FLOC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 550,000 shares of the company's stock, valued at approximately $14,108,000. T. Rowe Price Investment Management Inc. owned approximately 0.61% of Flowco as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FLOC. New York State Common Retirement Fund bought a new stake in Flowco in the first quarter worth approximately $156,000. Yorktown Management & Research Co Inc bought a new stake in shares of Flowco during the 1st quarter worth $218,000. Deutsche Bank AG bought a new stake in shares of Flowco during the 1st quarter worth $292,000. Invesco Ltd. bought a new stake in shares of Flowco during the 1st quarter worth $292,000. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of Flowco during the 1st quarter worth $305,000.

Flowco Price Performance

FLOC traded up $0.10 during midday trading on Friday, hitting $16.26. The company had a trading volume of 264,501 shares, compared to its average volume of 440,327. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.57 and a current ratio of 3.25. The company has a market capitalization of $1.47 billion and a PE ratio of 8.84. Flowco Holdings Inc. has a twelve month low of $14.89 and a twelve month high of $30.50. The firm's 50-day simple moving average is $17.50 and its 200-day simple moving average is $20.06.

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

Flowco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 15th. Flowco's dividend payout ratio (DPR) is presently 17.39%.

Flowco announced that its board has authorized a stock repurchase plan on Thursday, June 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

About Flowco

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.