Flowco (NYSE:FLOC) Shares Down 3.2% - Here's What Happened

Shares of Flowco Holdings Inc. (NYSE:FLOC - Get Free Report) were down 3.2% during trading on Tuesday . The stock traded as low as $17.65 and last traded at $17.81. Approximately 98,038 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 487,799 shares. The stock had previously closed at $18.39.

Analyst Ratings Changes

A number of brokerages recently issued reports on FLOC. Piper Sandler restated an "overweight" rating and issued a $33.00 price objective (down from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Jefferies Financial Group set a $32.00 price objective on Flowco and gave the company a "buy" rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. began coverage on Flowco in a research note on Monday, February 10th. They set an "overweight" rating and a $32.00 price objective on the stock. Pickering Energy Partners upgraded Flowco to a "strong-buy" rating in a research report on Monday, February 10th. Finally, BMO Capital Markets started coverage on shares of Flowco in a report on Monday, February 10th. They set an "outperform" rating and a $33.00 target price on the stock. Five analysts have rated the stock with a buy rating and two have issued 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 $32.40.

Flowco Price Performance

The firm has a 50-day moving average of $19.57. The company has a market cap of $1.51 billion and a P/E ratio of 9.08.

Flowco (NYSE:FLOC - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.10. The firm had revenue of $192.35 million during the quarter, compared to the consensus estimate of $198.35 million. Analysts expect that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.92%. Flowco's dividend payout ratio (DPR) is presently 17.39%.

Insider Buying and Selling at Flowco

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

Hedge Funds Weigh In On Flowco

Several institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. bought a new position in shares of Flowco in the first quarter worth approximately $50,586,000. Vanguard Group Inc. bought a new stake in shares of Flowco in the 1st quarter worth approximately $45,022,000. Alliancebernstein L.P. bought a new stake in Flowco in the first quarter valued at $19,449,000. T. Rowe Price Investment Management Inc. bought a new stake in Flowco in the first quarter valued at $14,108,000. Finally, Encompass Capital Advisors LLC bought a new stake in Flowco in the first quarter valued at $13,718,000.

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.