Insider Buying: Flowco (NYSE:FLOC) CEO Acquires $798,270.00 in Stock

Key Points

• CEO Joseph Edwards purchased 41,000 Flowco shares at an average price of $19.47, spending about $798,270. The purchase increased his direct ownership by 16.08% to 295,920 shares.
• Flowco shares rose 4.1% to $20.88 in Monday midday trading. The company’s most recent quarter fell short of earnings expectations, reporting $0.28 per share versus the $0.37 consensus estimate.
• Flowco announced a quarterly dividend of $0.09 per share, equivalent to a 1.7% annualized yield. Analysts’ average rating is “Moderate Buy,” with an average price target of $29.25.

Flowco Holdings Inc. (NYSE:FLOC - Get Free Report) CEO Joseph Edwards bought 41,000 shares of the stock in a transaction that occurred on Thursday, November 5th. The shares were purchased at an average cost of $19.47 per share, with a total value of $798,270.00. Following the purchase, the chief executive officer directly owned 295,920 shares of the company's stock, valued at $5,761,562.40. The trade was a 16.08% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Flowco Trading Up 4.1%

FLOC stock traded up $0.82 during midday trading on Monday, hitting $20.88. The stock had a trading volume of 501,376 shares, compared to its average volume of 611,848. The company has a current ratio of 3.19, a quick ratio of 1.99 and a debt-to-equity ratio of 0.69. The firm has a market cap of $1.89 billion, a P/E ratio of 15.82 and a beta of 0.92. The business has a fifty day moving average price of $19.70 and a two-hundred day moving average price of $21.82. Flowco Holdings Inc. has a 1-year low of $15.72 and a 1-year high of $28.26.

Flowco (NYSE:FLOC - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.09). The business had revenue of $235.86 million during the quarter. Flowco had a return on equity of 33.93% and a net margin of 6.36%. On average, sell-side analysts predict that Flowco Holdings Inc. will post 1.36 earnings per share for the current fiscal year.

Flowco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Friday, November 13th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 13th. Flowco's payout ratio is presently 27.27%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Piper Sandler cut their price target on Flowco from $32.00 to $31.00 and set an "overweight" rating on the stock in a report on Tuesday, July 14th. Zacks Research upgraded shares of Flowco from a "strong sell" rating to a "hold" rating in a research report on Monday, October 12th. Citigroup cut their target price on shares of Flowco from $30.81 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, September 3rd. Wall Street Zen upgraded shares of Flowco from a "hold" rating to a "buy" rating in a report on Saturday. Finally, Weiss Ratings raised shares of Flowco from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, August 17th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Flowco has an average rating of "Moderate Buy" and an average target price of $29.25.

Institutional Investors Weigh In On Flowco

Several hedge funds and other institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue increased its position in shares of Flowco by 20.3% during the third quarter. State of Alaska Department of Revenue now owns 9,228 shares of the company's stock worth $166,000 after acquiring an additional 1,557 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Flowco in the 1st quarter worth about $369,000. Y Intercept Hong Kong Ltd bought a new position in Flowco in the 1st quarter valued at about $602,000. Alps Advisors Inc. bought a new position in Flowco in the 3rd quarter valued at about $533,000. Finally, Fisher Asset Management LLC acquired a new position in Flowco during the 3rd quarter valued at about $592,000.

Flowco Company Profile

Flowco Holdings, Inc provides production optimization and artificial-lift solutions to oil and natural gas companies. Its equipment and services help operators maintain or increase well production, including gas-lift and plunger-lift systems, wellhead compression, and related field services.

The company also offers methane-abatement and emissions-management solutions, including vapor recovery equipment designed to capture gases that might otherwise be released into the atmosphere. Flowco serves customers in the United States and select international markets.

Flowco's operations bring together businesses focused on production equipment, artificial lift, compression, and emissions control.

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