Flowserve (NYSE:FLS) Given New $66.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has raised Flowserve's price target from $64.00 to $66.00, suggesting a potential upside of 17.67% based on its previous close.
• Flowserve's stock has received various ratings, with a consensus of "Buy"** and an average price target of $65.78.
• The company reported quarterly earnings of $0.91 per share, exceeding estimates, with revenue for the quarter at $1.19 billion, slightly under analyst expectations.

Flowserve (NYSE:FLS - Free Report) had its price objective raised by Royal Bank Of Canada from $64.00 to $66.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an outperform rating on the industrial products company's stock.

A number of other research analysts also recently weighed in on FLS. Mizuho set a $60.00 price target on Flowserve in a research note on Friday, May 16th. The Goldman Sachs Group increased their price target on Flowserve from $54.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Stifel Nicolaus increased their price target on Flowserve from $59.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Robert W. Baird cut their price target on Flowserve from $71.00 to $70.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen raised Flowserve from a "buy" rating to a "strong-buy" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Flowserve presently has an average rating of "Buy" and a consensus target price of $65.78.

Flowserve Price Performance

NYSE FLS traded down $2.18 during trading hours on Thursday, reaching $53.86. 3,289,766 shares of the company's stock were exchanged, compared to its average volume of 3,040,513. The stock has a market cap of $7.04 billion, a PE ratio of 24.37, a price-to-earnings-growth ratio of 1.13 and a beta of 1.28. Flowserve has a one year low of $37.34 and a one year high of $65.08. The firm has a fifty day moving average of $51.34 and a 200-day moving average of $51.68. The company has a current ratio of 2.10, a quick ratio of 1.46 and a debt-to-equity ratio of 0.63.

Flowserve (NYSE:FLS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.13. Flowserve had a return on equity of 18.25% and a net margin of 6.28%. The firm had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.22 billion. On average, equities research analysts predict that Flowserve will post 3.18 earnings per share for the current fiscal year.

Flowserve Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Friday, June 27th were paid a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, June 27th. Flowserve's dividend payout ratio (DPR) is presently 38.01%.

Hedge Funds Weigh In On Flowserve

Large investors have recently added to or reduced their stakes in the company. TD Private Client Wealth LLC bought a new position in Flowserve during the 2nd quarter worth about $25,000. Headlands Technologies LLC increased its holdings in Flowserve by 4,790.0% during the 4th quarter. Headlands Technologies LLC now owns 489 shares of the industrial products company's stock worth $28,000 after purchasing an additional 479 shares in the last quarter. Hilltop National Bank bought a new position in Flowserve during the 2nd quarter worth about $31,000. Park Square Financial Group LLC bought a new position in Flowserve during the 4th quarter worth about $33,000. Finally, Colonial Trust Co SC increased its holdings in Flowserve by 415.7% during the 4th quarter. Colonial Trust Co SC now owns 593 shares of the industrial products company's stock worth $34,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

About Flowserve

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment in the United States, Canada, Mexico, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Flowserve Pump Division (FPD) and Flow Control Division (FCD) segments. The FPD segment offers custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts, upgrades, and related aftermarket services; and equipment services, including installation and commissioning services, seal systems spare parts, repairs, advanced diagnostics, re-rate and upgrade solutions, retrofit programs, and machining and asset management solutions, as well as manufactures a gas-lubricated mechanical seal for use in high-speed compressors for gas pipelines and in the oil and gas production and process markets.