Piper Sandler Cuts Flowco (NYSE:FLOC) Price Target to $28.00

Key Points

• Piper Sandler has reduced Flowco's price target from $33.00 to $28.00, while maintaining an "overweight" rating on the stock, suggesting a potential upside of 76.10% from the current price.
• Flowco's share price dropped by 10.5% to $15.90, with a market capitalization of $1.44 billion and a price-to-earnings ratio of 8.64.
• The company reported **earnings per share** of $1.26, exceeding analysts' expectations, and has authorized a stock repurchase program of $50 million, indicating confidence in its valuation.

Flowco (NYSE:FLOC - Free Report) had its price target lowered by Piper Sandler from $33.00 to $28.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts also recently weighed in on the stock. Evercore ISI dropped their target price on shares of Flowco from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Wednesday. Jefferies Financial Group set a $28.00 price objective on shares of Flowco and gave the company a "buy" rating in a report on Tuesday. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Flowco presently has an average rating of "Buy" and a consensus price target of $29.40.

Flowco Stock Up 0.3%

Shares of FLOC stock traded up $0.05 during trading hours on Wednesday, reaching $15.81. 85,087 shares of the company's stock were exchanged, compared to its average volume of 448,624. Flowco has a fifty-two week low of $15.58 and a fifty-two week high of $30.50. The stock's 50 day moving average is $17.96 and its 200-day moving average is $21.21. The company has a current ratio of 3.25, a quick ratio of 1.63 and a debt-to-equity ratio of 1.19. The company has a market cap of $1.43 billion and a price-to-earnings ratio of 8.59.

Flowco (NYSE:FLOC - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.94. The business had revenue of $193.21 million for the quarter, compared to analyst estimates of $190.16 million. Analysts predict that Flowco will post 1.54 earnings per share for the current fiscal year.

Flowco announced that its Board of Directors has initiated a share buyback program on Thursday, June 12th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 15th. Flowco's payout ratio is currently 17.39%.

Institutional Investors Weigh In On Flowco

Several hedge funds have recently modified their holdings of the company. American Century Companies Inc. acquired a new position in Flowco in the 1st quarter worth about $50,586,000. Vanguard Group Inc. acquired a new position in shares of Flowco during the 1st quarter worth approximately $45,022,000. Alliancebernstein L.P. acquired a new stake in Flowco in the 1st quarter valued at $19,449,000. T. Rowe Price Investment Management Inc. purchased a new stake in Flowco in the 1st quarter worth $14,108,000. Finally, Encompass Capital Advisors LLC acquired a new position in Flowco during the first quarter worth $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.