Flowco Holdings Inc. (NYSE:FLOC - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $17.68, but opened at $18.69. Flowco shares last traded at $18.61, with a volume of 112,607 shares changing hands.
Analyst Ratings Changes
FLOC has been the subject of a number of research analyst reports. Fearnley Fonds raised Flowco to a "strong-buy" rating in a research report on Friday, March 21st. Jefferies Financial Group set a $32.00 price objective on Flowco and gave the company a "buy" rating in a report on Wednesday, May 14th. Piper Sandler restated an "overweight" rating and set a $33.00 target price (down from $34.00) on shares of Flowco in a research report on Wednesday, May 14th. Finally, Evercore ISI reduced their price target on shares of Flowco from $35.00 to $32.00 and set an "outperform" rating for the company in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $32.40.
Get Our Latest Research Report on FLOC
Flowco Stock Down 2.3%
The company has a market cap of $1.64 billion and a P/E ratio of 9.83. The firm's 50 day moving average is $19.15.
Flowco (NYSE:FLOC - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported $0.46 earnings per share 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. Sell-side analysts expect that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.
Flowco Announces Dividend
The company also recently declared 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 annualized dividend and a yield of 1.77%. Flowco's dividend payout ratio is currently 17.39%.
Flowco announced that its Board of Directors has approved a share buyback plan on Thursday, June 12th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to reacquire up to 3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.
Insider Buying and Selling at Flowco
In other Flowco news, Director Paul W. Hobby purchased 8,000 shares of Flowco stock in a transaction dated Wednesday, March 19th. The stock was acquired at an average cost 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. purchased a new stake in shares of Flowco during the 1st quarter worth $50,586,000. Vanguard Group Inc. acquired a new stake in shares of Flowco in the first quarter valued at about $45,022,000. Alliancebernstein L.P. purchased a new stake in Flowco during the first quarter worth about $19,449,000. T. Rowe Price Investment Management Inc. acquired a new position in Flowco during the first quarter worth about $14,108,000. Finally, Encompass Capital Advisors LLC purchased a new position in Flowco in the first quarter valued at about $13,718,000.
About Flowco
(
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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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