Wall Street Zen Upgrades Flowco (NYSE:FLOC) to "Buy"

Key Points

• Wall Street Zen upgraded Flowco from “hold” to “buy,” adding to generally positive analyst sentiment. Flowco has a consensus “Moderate Buy” rating from seven analysts and an average price target of $29.20.
• Flowco shares rose 4.1%, opening at $21.81, while trading between a 52-week range of $14.03 to $28.26. The company has a market capitalization of approximately $1.97 billion and a price-to-earnings ratio of 18.64.
• Several institutional investors recently increased their Flowco positions, including Deutsche Bank, Verition Fund Management and Tower Research Capital, while Zions Bancorporation initiated a new stake.

Flowco (NYSE:FLOC - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday.

Several other brokerages have also recently weighed in on FLOC. Jefferies Financial Group reaffirmed a "buy" rating and issued a $33.00 price objective on shares of Flowco in a report on Thursday, May 7th. Piper Sandler cut their price objective on shares of Flowco from $32.00 to $31.00 and set an "overweight" rating for the company in a research report on Tuesday, July 14th. Zacks Research cut shares of Flowco from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 4th. Weiss Ratings lowered shares of Flowco from a "hold (c)" rating to a "hold (c-)" rating in a research report on Monday, August 3rd. Finally, Citigroup began coverage on shares of Flowco in a research report on Thursday, May 28th. They set a "neutral" rating and a $31.00 price objective for the company. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Flowco currently has a consensus rating of "Moderate Buy" and an average target price of $29.20.

Flowco Trading Up 4.1%

NYSE FLOC opened at $21.81 on Friday. Flowco has a 52 week low of $14.03 and a 52 week high of $28.26. The stock's 50 day moving average price is $21.38 and its two-hundred day moving average price is $22.50. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of 18.64 and a beta of 0.90. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.48 and a current ratio of 3.09.

Hedge Funds Weigh In On Flowco

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Verition Fund Management LLC increased its stake in shares of Flowco by 4.4% in the third quarter. Verition Fund Management LLC now owns 23,997 shares of the company's stock valued at $356,000 after buying an additional 1,012 shares during the period. Deutsche Bank AG raised its holdings in Flowco by 9.7% during the 4th quarter. Deutsche Bank AG now owns 13,858 shares of the company's stock worth $260,000 after purchasing an additional 1,223 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Flowco by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,643 shares of the company's stock worth $47,000 after purchasing an additional 1,292 shares during the period. Parallel Advisors LLC raised its stake in Flowco by 8,929.4% during the fourth quarter. Parallel Advisors LLC now owns 1,535 shares of the company's stock worth $29,000 after buying an additional 1,518 shares during the last quarter. Finally, Zions Bancorporation National Association UT acquired a new position in Flowco in the fourth quarter valued at $29,000.

About Flowco

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. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source