Flowco (NYSE:FLOC) Board of Directors Announces Stock Repurchase Plan

Flowco (NYSE:FLOC - Get Free Report) announced that its board has initiated a share repurchase program on Thursday, June 12th, RTT News reports. The company plans to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its shares are undervalued.

Flowco Stock Performance

Shares of Flowco stock traded down $0.43 on Monday, reaching $18.09. 459,173 shares of the stock were exchanged, compared to its average volume of 478,825. The firm's 50 day simple moving average is $19.15. Flowco has a one year low of $15.82 and a one year high of $30.50. The stock has a market cap of $1.64 billion and a price-to-earnings ratio of 9.83.

Flowco (NYSE:FLOC - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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, research analysts predict that Flowco will post 1.54 earnings per share for the current fiscal year.

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 paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Wednesday, May 14th. Flowco's dividend payout ratio is presently 17.39%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FLOC shares. Fearnley Fonds raised shares of Flowco to a "strong-buy" rating in a research note on Friday, March 21st. Jefferies Financial Group set a $32.00 price objective on shares of Flowco and gave the company a "buy" rating in a research report on Wednesday, May 14th. Evercore ISI dropped their target price on shares of Flowco from $35.00 to $32.00 and set an "outperform" rating on the stock in a report on Wednesday, May 14th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $33.00 target price (down from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Flowco has a consensus rating of "Buy" and an average target price of $32.40.

Insider Activity at Flowco

In other Flowco news, Director Paul W. Hobby acquired 8,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were bought at an average cost of $24.18 per share, with a total value of $193,440.00. Following the purchase, the director now directly owns 23,625 shares of the company's stock, valued at $571,252.50. This trade represents a 51.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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.