Flowco (NYSE:FLOC) Reaches New 1-Year Low - Here's What Happened

Key Points

• Flowco Holdings Inc. (NYSE:FLOC) shares hit a new 52-week low of $14.47, closing last at $14.52, after previously being at $15.13 with a trading volume of 57,642 shares.
• Despite recent stock declines, analysts have varying opinions; Piper Sandler and Evercore ISI have reduced their price targets, while Jefferies maintains a buy rating with a target of $28.00.
• Flowco recently declared a quarterly dividend of $0.08 and announced a $50 million share repurchase plan, reflecting confidence in the stock's valuation amidst current market conditions.

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report)'s share price reached a new 52-week low during trading on Friday . The company traded as low as $14.47 and last traded at $14.52, with a volume of 57642 shares traded. The stock had previously closed at $15.13.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FLOC shares. Weiss Ratings reissued a "sell (e)" rating on shares of Flowco in a report on Saturday, September 27th. Piper Sandler lowered their target price on Flowco from $33.00 to $28.00 and set an "overweight" rating for the company in a report on Wednesday, August 6th. Zacks Research raised Flowco from a "strong sell" rating to a "hold" rating in a report on Thursday, August 14th. Evercore ISI lowered their target price on Flowco from $28.00 to $26.00 and set an "outperform" rating for the company in a report on Wednesday, August 6th. Finally, Jefferies Financial Group set a $28.00 target price on Flowco and gave the stock a "buy" rating in a report on Tuesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Flowco currently has an average rating of "Moderate Buy" and a consensus target price of $29.40.

Flowco Price Performance

The business has a 50-day simple moving average of $15.90 and a 200 day simple moving average of $18.14. The stock has a market cap of $1.30 billion and a P/E ratio of 7.79. The company has a current ratio of 3.25, a quick ratio of 1.57 and a debt-to-equity ratio of 1.19.

Flowco (NYSE:FLOC - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.94. The company had revenue of $193.21 million during the quarter, compared to the consensus estimate of $190.16 million. On average, analysts forecast that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.

Flowco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Friday, August 15th. Flowco's payout ratio is 17.39%.

Flowco announced that its board has approved a share repurchase plan on Thursday, June 12th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Institutional Investors Weigh In On Flowco

Institutional investors and hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its position in shares of Flowco by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,643 shares of the company's stock valued at $47,000 after purchasing an additional 1,292 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Flowco by 38.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,785 shares of the company's stock valued at $85,000 after purchasing an additional 1,317 shares in the last quarter. Strs Ohio bought a new stake in shares of Flowco during the 1st quarter valued at about $92,000. New York State Common Retirement Fund bought a new stake in shares of Flowco during the 1st quarter valued at about $156,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Flowco during the 2nd quarter valued at about $208,000.

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.

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