Zimmer Partners LP Takes Position in Flowco Holdings Inc. $FLOC

Key Points

• Zimmer Partners LP acquired a new position in Flowco Holdings Inc., purchasing 85,000 shares valued at approximately $2.18 million.
• Flowco recently announced a quarterly dividend of $0.08 per share, indicating an annualized dividend yield of 2.1%.
• Research analysts have a consensus rating of "Buy" for Flowco, with a current price target of $29.40.

Zimmer Partners LP bought a new stake in shares of Flowco Holdings Inc. (NYSE:FLOC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 85,000 shares of the company's stock, valued at approximately $2,180,000. Zimmer Partners LP owned about 0.09% of Flowco as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of FLOC. American Century Companies Inc. bought a new position in shares of Flowco during the first quarter valued at approximately $50,586,000. Vanguard Group Inc. bought a new position in Flowco in the first quarter worth approximately $45,022,000. Alliancebernstein L.P. bought a new position in Flowco in the first quarter worth approximately $19,449,000. T. Rowe Price Investment Management Inc. bought a new position in Flowco in the first quarter worth approximately $14,108,000. Finally, Encompass Capital Advisors LLC bought a new position in Flowco in the first quarter worth approximately $13,718,000.

Wall Street Analysts Forecast Growth

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

Flowco Stock Down 2.5%

Shares of FLOC traded down $0.41 during midday trading on Friday, hitting $15.78. 160,786 shares of the company's stock traded hands, compared to its average volume of 335,413. Flowco Holdings Inc. has a 1 year low of $14.89 and a 1 year high of $30.50. The firm's fifty day moving average is $17.07 and its 200-day moving average is $19.20. 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 $1.43 billion and a price-to-earnings ratio of 8.58.

Flowco (NYSE:FLOC - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $1.26 EPS for the quarter, beating the consensus estimate of $0.32 by $0.94. The business had revenue of $193.21 million for the quarter, compared to analysts' expectations of $190.16 million. As a group, sell-side analysts anticipate that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $0.08 dividend. The ex-dividend date was Friday, August 15th. This represents a $0.32 dividend on an annualized basis and a yield of 2.0%. Flowco's dividend payout ratio (DPR) is 17.39%.

Flowco declared that its Board of Directors has initiated a share buyback 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 generally a sign that the company's board of directors believes its stock is undervalued.

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.