Flowco Holdings Inc. (NYSE:FLOC) Given Average Recommendation of “Buy” by Analysts

Flowco Holdings Inc. (NYSE:FLOC) has received an average rating of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $32.40.

FLOC has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $33.00 price objective (down previously from $34.00) on shares of Flowco in a research note on Wednesday, May 14th. Fearnley Fonds raised Flowco to a “strong-buy” rating in a research report on Friday, March 21st. Evercore ISI cut their price objective on Flowco from $35.00 to $32.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 14th. Finally, Jefferies Financial Group set a $32.00 target price on Flowco and gave the company a “buy” rating in a research report on Wednesday, May 14th.

Hedge Funds Weigh In On Flowco

Several large investors have recently modified their holdings of the business. American Century Companies Inc. purchased a new stake in shares of Flowco during the 1st quarter valued at approximately $50,586,000. Vanguard Group Inc. purchased a new stake in shares of Flowco during the first quarter worth $45,022,000. Alliancebernstein L.P. bought a new stake in shares of Flowco during the 1st quarter valued at $19,449,000. T. Rowe Price Investment Management Inc. bought a new position in Flowco in the 1st quarter worth about $14,108,000. Finally, Encompass Capital Advisors LLC purchased a new position in Flowco during the 1st quarter valued at about $13,718,000.

Flowco Stock Performance

Shares of NYSE:FLOC opened at $17.45 on Tuesday. The firm’s 50 day moving average is $19.01. Flowco has a 12-month low of $15.82 and a 12-month high of $30.50. The stock has a market capitalization of $1.58 billion and a PE ratio of 9.48.

Flowco (NYSE:FLOC) last posted its quarterly earnings data on Tuesday, May 13th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The firm had revenue of $192.35 million for the quarter, compared to analysts’ expectations of $198.35 million. As a group, analysts anticipate that Flowco will post 1.54 earnings per share for the current year.

Flowco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, May 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.83%. Flowco’s payout ratio is 17.39%.

Flowco announced that its board has approved a stock buyback plan on Thursday, June 12th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.