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

Key Points

• Gapped down: Flowco shares opened at $22.09 on Friday after a prior close of $24.45, last trading around $22.08 on volume of about 2.18 million shares.
• Analysts are broadly positive with a consensus rating of "Moderate Buy" and a $28.25 average price target, while several firms raised targets (e.g., Piper Sandler to $32, Jefferies to $30, BMO to $26).
• Insider selling: EVP Chad Roberts sold 54,706 shares (reducing his stake by ~44.95%) and insiders have sold 134,790 shares worth roughly $2.88 million over the past 90 days.

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $24.45, but opened at $22.09. Flowco shares last traded at $22.0750, with a volume of 2,180,838 shares traded.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Flowco from a "strong sell" rating to a "hold" rating in a report on Friday, January 30th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $30.00 price target on shares of Flowco in a research report on Monday, February 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Flowco in a report on Friday, January 9th. BMO Capital Markets increased their target price on Flowco from $24.00 to $26.00 and gave the company an "outperform" rating in a report on Tuesday, February 3rd. Finally, Piper Sandler increased their price objective on shares of Flowco from $28.00 to $32.00 and gave the company an "overweight" rating in a research report on Friday, March 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $28.25.

Flowco Price Performance

The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.42 and a current ratio of 3.34. The firm has a fifty day simple moving average of $21.92 and a 200 day simple moving average of $18.47. The company has a market capitalization of $1.99 billion, a PE ratio of 18.82 and a beta of -0.16.

Flowco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Friday, February 13th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, February 13th. Flowco's dividend payout ratio is presently 27.12%.

Insider Transactions at Flowco

In other Flowco news, EVP Chad Roberts sold 54,706 shares of the company's stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.39, for a total transaction of $1,224,867.34. Following the completion of the sale, the executive vice president owned 67,008 shares in the company, valued at $1,500,309.12. This represents a 44.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 134,790 shares of company stock worth $2,878,137 over the last 90 days.

Hedge Funds Weigh In On Flowco

A number of institutional investors have recently modified their holdings of the stock. Invesco Ltd. boosted its position in Flowco by 15.2% during the fourth quarter. Invesco Ltd. now owns 61,268 shares of the company's stock worth $1,148,000 after purchasing an additional 8,074 shares in the last quarter. VARCOV Co. purchased a new position in shares of Flowco in the fourth quarter valued at approximately $199,000. Wellington Management Group LLP acquired a new stake in shares of Flowco in the fourth quarter worth approximately $12,753,000. Man Group plc increased its position in shares of Flowco by 26.7% during the fourth quarter. Man Group plc now owns 73,181 shares of the company's stock worth $1,371,000 after purchasing an additional 15,443 shares in the last quarter. Finally, Encompass Capital Advisors LLC raised its position in shares of Flowco by 21.8% in the fourth quarter. Encompass Capital Advisors LLC now owns 1,503,216 shares of the company's stock valued at $28,170,000 after buying an additional 268,903 shares during the last quarter.

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. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies.

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