Analysts Set Flowco Holdings Inc. (NYSE:FLOC) Price Target at $32.40

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report) has been assigned an average recommendation of "Buy" from the seven research firms that are covering the stock, MarketBeat reports. Five analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $32.40.

Several brokerages recently issued reports on FLOC. Jefferies Financial Group set a $32.00 price target on Flowco and gave the company a "buy" rating in a report on Wednesday, May 14th. Evercore ISI lowered their target price on Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research note on Wednesday, May 14th. Piper Sandler restated an "overweight" rating and set a $33.00 target price (down from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Finally, Fearnley Fonds upgraded Flowco to a "strong-buy" rating in a research note on Friday, March 21st.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Strs Ohio purchased a new position in Flowco during the 1st quarter worth approximately $92,000. New York State Common Retirement Fund purchased a new position in Flowco during the 1st quarter worth approximately $156,000. Yorktown Management & Research Co Inc purchased a new position in Flowco during the 1st quarter worth approximately $218,000. Corebridge Financial Inc. purchased a new position in Flowco during the 1st quarter worth approximately $247,000. Finally, Deutsche Bank AG purchased a new position in Flowco during the 1st quarter worth approximately $292,000.

Flowco Price Performance

FLOC traded down $0.73 during trading on Friday, reaching $17.18. The company's stock had a trading volume of 352,884 shares, compared to its average volume of 465,595. The firm has a fifty day moving average of $18.39. The company has a market capitalization of $1.56 billion and a P/E ratio of 9.34. Flowco has a 52-week low of $15.82 and a 52-week high of $30.50.

Flowco (NYSE:FLOC - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.10. The company had revenue of $192.35 million during the quarter, compared to analysts' expectations of $198.35 million. As a group, research analysts anticipate that Flowco will post 1.54 EPS for the current year.

Flowco announced that its Board of Directors has approved a stock buyback program on Thursday, June 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th were issued a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 14th. This represents a $0.32 annualized dividend and a yield of 1.86%. Flowco's payout ratio is 17.39%.

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.