Flowco (NYSE:FLOC) Shares Gap Down – Here’s What Happened

Flowco Holdings Inc. (NYSE:FLOC) gapped down before the market opened on Tuesday . The stock had previously closed at $18.32, but opened at $17.90. Flowco shares last traded at $17.96, with a volume of 18,517 shares.

Wall Street Analyst Weigh In

Several research firms recently commented on FLOC. Fearnley Fonds upgraded Flowco to a “strong-buy” rating in a research note on Friday, March 21st. Pickering Energy Partners upgraded Flowco to a “strong-buy” rating in a research note on Monday, February 10th. Piper Sandler restated an “overweight” rating and issued a $33.00 price objective (down from $34.00) on shares of Flowco in a research report on Wednesday, May 14th. Jefferies Financial Group set a $32.00 price target on shares of Flowco and gave the stock a “buy” rating in a report on Wednesday, May 14th. Finally, Evercore ISI lowered their price target on Flowco from $35.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Flowco has an average rating of “Buy” and an average target price of $32.40.

Flowco Stock Performance

The company has a market capitalization of $1.60 billion and a PE ratio of 9.61. The company’s 50 day moving average is $20.89.

Flowco (NYSE:FLOC) last announced its earnings results 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 company had revenue of $192.35 million for the quarter, compared to the consensus estimate of $198.35 million. Equities analysts forecast that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.

Flowco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th will be given a dividend of $0.08 per share. The ex-dividend date is Wednesday, May 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.81%. Flowco’s dividend payout ratio (DPR) is presently 17.39%.

Insider Transactions at Flowco

In other news, Director Paul W. Hobby purchased 8,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was acquired at an average cost of $24.18 per share, for a total transaction of $193,440.00. Following the completion of the transaction, the director now directly owns 23,625 shares in the company, valued at $571,252.50. This trade represents a 51.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On Flowco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new stake in Flowco during the first quarter worth approximately $50,586,000. Vanguard Group Inc. purchased a new stake in shares of Flowco during the first quarter valued at about $45,022,000. Alliancebernstein L.P. purchased a new position in Flowco during the 1st quarter worth $19,449,000. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Flowco during the first quarter valued at $14,108,000. Finally, Encompass Capital Advisors LLC acquired a new position in shares of Flowco in the first quarter valued at about $13,718,000.

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.