Flowco (NYSE:FLOC) Releases Earnings Results, Beats Estimates By $0.94 EPS

Key Points

• Flowco reported a quarterly earnings per share of $1.26, significantly beating analysts' expectations of $0.32 by $0.94.
• The company declared a quarterly dividend of $0.08 per share, which represents an annualized dividend yield of 1.8%.
• Flowco's stock has a consensus rating of "Buy" from five analysts, with a price target averaging around $32.40.

Flowco (NYSE:FLOC - Get Free Report) posted its earnings results on Tuesday. The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.94, Zacks reports. The firm had revenue of $193.21 million for the quarter, compared to analyst estimates of $190.16 million.

Flowco Stock Performance

NYSE FLOC traded down $0.34 during trading on Thursday, hitting $15.63. The stock had a trading volume of 136,378 shares, compared to its average volume of 449,229. Flowco has a 12 month low of $15.58 and a 12 month high of $30.50. The company has a market capitalization of $1.42 billion and a PE ratio of 8.49. The company's 50-day moving average price is $18.00 and its two-hundred day moving average price is $21.25.

Flowco Dividend Announcement

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

Flowco announced that its Board of Directors has initiated a share buyback plan on Thursday, June 12th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Institutional Trading of Flowco

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLOC. Strs Ohio acquired a new stake in shares of Flowco in the first quarter valued at approximately $92,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Flowco in the 1st quarter valued at approximately $298,000. Goldman Sachs Group Inc. bought a new position in Flowco in the first quarter valued at approximately $878,000. Woodline Partners LP acquired a new stake in shares of Flowco in the 1st quarter valued at $1,282,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Flowco during the 1st quarter worth $3,070,000.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FLOC. Evercore ISI reduced their price objective on shares of Flowco from $28.00 to $26.00 and set an "outperform" rating for the company in a research report on Wednesday. Piper Sandler dropped their price target on Flowco from $33.00 to $28.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group reduced their price objective on Flowco from $32.00 to $28.00 and set a "buy" rating for the company in a research note on Tuesday. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $29.40.

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.