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

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report) has earned a consensus recommendation of "Buy" from the seven brokerages that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $32.40.

A number of equities research analysts have recently issued reports on FLOC shares. Jefferies Financial Group set a $32.00 price target on shares of Flowco and gave the company a "buy" rating in a research report on Wednesday, May 14th. Piper Sandler reaffirmed an "overweight" rating and set a $33.00 price objective (down from $34.00) on shares of Flowco 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 on the stock in a report on Wednesday, May 14th. Finally, Fearnley Fonds upgraded Flowco to a "strong-buy" rating in a research report on Friday, March 21st.

Flowco Price Performance

NYSE:FLOC traded up $0.09 during trading hours on Tuesday, hitting $17.64. The company's stock had a trading volume of 197,727 shares, compared to its average volume of 472,909. Flowco has a 52-week low of $15.82 and a 52-week high of $30.50. The company has a 50-day moving average price of $19.04. The firm has a market capitalization of $1.60 billion and a P/E ratio of 9.59.

Flowco (NYSE:FLOC - Get Free Report) last announced its quarterly 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. On average, research analysts anticipate that Flowco will post 1.54 EPS for the current fiscal year.

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

Flowco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Wednesday, May 14th. Flowco's dividend payout ratio is presently 17.39%.

Institutional Investors Weigh In On Flowco

A number of hedge funds and other institutional investors have recently made changes to their positions in FLOC. Strs Ohio acquired a new stake in Flowco in the 1st quarter worth about $92,000. New York State Common Retirement Fund acquired a new stake in shares of Flowco in the first quarter worth approximately $156,000. Yorktown Management & Research Co Inc purchased a new stake in Flowco in the first quarter valued at approximately $218,000. Corebridge Financial Inc. acquired a new position in Flowco during the first quarter worth approximately $247,000. Finally, Invesco Ltd. acquired a new position in shares of Flowco in the 1st quarter valued at $292,000.

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.