Flowco (NYSE:FLOC) Announces Quarterly Earnings Results, Beats Expectations By $0.27 EPS

Flowco (NYSE:FLOC) announced its quarterly earnings data on Wednesday. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.27, Zacks reports.

Flowco Stock Performance

FLOC traded up $2.42 during midday trading on Wednesday, reaching $18.51. The company’s stock had a trading volume of 562,216 shares, compared to its average volume of 421,541. Flowco has a twelve month low of $14.03 and a twelve month high of $30.50. The stock has a market cap of $1.68 billion and a P/E ratio of 4.01. The company has a fifty day simple moving average of $15.62 and a 200 day simple moving average of $17.32. The company has a current ratio of 3.25, a quick ratio of 1.57 and a debt-to-equity ratio of 1.19.

Flowco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Friday, November 14th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.7%. Flowco’s dividend payout ratio (DPR) is 6.97%.

Institutional Trading of Flowco

Several institutional investors have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Flowco during the 1st quarter worth approximately $3,070,000. Sei Investments Co. acquired a new stake in shares of Flowco during the 2nd quarter worth approximately $2,032,000. Woodline Partners LP acquired a new stake in shares of Flowco during the 1st quarter worth approximately $1,282,000. Man Group plc acquired a new stake in shares of Flowco during the 2nd quarter worth approximately $621,000. Finally, Goldman Sachs Group Inc. acquired a new stake in shares of Flowco during the 1st quarter worth approximately $878,000.

Wall Street Analyst Weigh In

FLOC has been the subject of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Flowco in a research note on Tuesday, October 14th. Zacks Research downgraded Flowco from a “hold” rating to a “strong sell” rating in a research note on Friday, October 17th. Jefferies Financial Group set a $28.00 price target on Flowco and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Evercore ISI cut their price target on Flowco from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Wednesday, August 6th. Finally, Piper Sandler cut their price target on Flowco from $33.00 to $28.00 and set an “overweight” rating for the company in a research note on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $29.40.

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.