Flowco (NYSE:FLOC) Shares Gap Down - Here's Why

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $18.32, but opened at $17.90. Flowco shares last traded at $17.96, with a volume of 18,517 shares trading hands.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Evercore ISI decreased their target price on Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Jefferies Financial Group set a $32.00 target price on Flowco and gave the company a "buy" rating in a research note on Wednesday, May 14th. BMO Capital Markets began coverage on Flowco in a research note on Monday, February 10th. They set an "outperform" rating and a $33.00 target price on the stock. Fearnley Fonds raised Flowco to a "strong-buy" rating in a research note on Friday, March 21st. Finally, JPMorgan Chase & Co. initiated coverage on Flowco in a report on Monday, February 10th. They issued an "overweight" rating and a $32.00 target price on the stock. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $32.40.

Flowco Stock Up 2.4%

The stock's 50-day simple moving average is $20.59. The firm has a market capitalization of $1.61 billion and a PE ratio of 9.64.

Flowco (NYSE:FLOC - Get Free Report) last issued 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 analysts' expectations of $198.35 million. As a group, equities research analysts expect that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were paid 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 1.80%. Flowco's dividend payout ratio (DPR) is presently 17.39%.

Insider Transactions at Flowco

In other Flowco news, Director Paul W. Hobby bought 8,000 shares of the stock in a transaction on Wednesday, March 19th. The shares were purchased at an average price of $24.18 per share, with a total value of $193,440.00. Following the acquisition, the director now directly owns 23,625 shares of the company's stock, valued at $571,252.50. This represents a 51.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Flowco

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