Flowco (NYSE:FLOC) Reaches New 1-Year Low Following Analyst Downgrade

Key Points

• Flowco Holdings Inc. (NYSE:FLOC) shares fell to a new 52-week low of $15.58 following a downgrade by Piper Sandler, which lowered their price target from $33.00 to $28.00.
• Despite the downgrade, Flowco maintains a Buy rating from five analysts and has an average target price of $29.40.
• The company recently announced a quarterly dividend of $0.08 per share, representing an annualized yield of 2.0%.

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $33.00 to $28.00. Piper Sandler currently has an overweight rating on the stock. Flowco traded as low as $15.58 and last traded at $16.02, with a volume of 683073 shares traded. The stock had previously closed at $17.76.

Several other analysts also recently weighed in on the company. Jefferies Financial Group lowered their price objective on Flowco from $32.00 to $28.00 and set a "buy" rating for the company in a research report on Tuesday. Evercore ISI lowered their price target on shares of Flowco from $28.00 to $26.00 and set an "outperform" rating for the company in a report on Wednesday. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Flowco has an average rating of "Buy" and an average target price of $29.40.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp bought a new position in Flowco during the first quarter valued at approximately $1,064,000. Praxis Investment Management Inc. bought a new stake in Flowco in the 1st quarter worth approximately $1,210,000. Phoenix Financial Ltd. purchased a new stake in Flowco during the 1st quarter valued at $10,333,000. Sigma Planning Corp bought a new position in shares of Flowco during the 1st quarter valued at $359,000. Finally, Federated Hermes Inc. bought a new stake in shares of Flowco in the first quarter worth $9,485,000.

Flowco Price Performance

The business has a 50-day moving average of $18.00 and a 200 day moving average of $21.25. The company has a market cap of $1.45 billion and a PE ratio of 8.71.

Flowco (NYSE:FLOC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.26 earnings per share (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 the consensus estimate of $190.16 million. On average, equities analysts predict that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.08 per share. The ex-dividend date is 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 presently 17.39%.

Flowco declared that its Board of Directors has authorized a stock repurchase program on Thursday, June 12th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board 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.

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