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

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $17.72, but opened at $18.27. Flowco shares last traded at $18.21, with a volume of 52,069 shares.

Analyst Ratings Changes

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

Flowco Stock Performance

The firm has a market cap of $1.56 billion and a PE ratio of 9.38. The firm's 50-day moving average price is $20.25.

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

Flowco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th were issued a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.86%. Flowco's dividend payout ratio is 17.39%.

Insider Activity at Flowco

In other news, Director Paul W. Hobby acquired 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were bought at an average cost of $24.18 per share, with a total value of $193,440.00. Following the acquisition, the director now owns 23,625 shares in the company, valued at approximately $571,252.50. This represents a 51.20% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Flowco

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