Analysts Set Flowco Holdings Inc. (NYSE:FLOC) Price Target at $32.40

Shares of Flowco Holdings Inc. (NYSE:FLOC) have been assigned a consensus recommendation of “Buy” from the seven analysts that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $32.40.

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

Hedge Funds Weigh In On Flowco

Several institutional investors have recently made changes to their positions in FLOC. Strs Ohio acquired a new stake in shares of Flowco in the 1st quarter valued at about $92,000. New York State Common Retirement Fund acquired a new stake in Flowco in the first quarter valued at approximately $156,000. Yorktown Management & Research Co Inc bought a new stake in shares of Flowco during the first quarter valued at approximately $218,000. Corebridge Financial Inc. acquired a new position in shares of Flowco during the first quarter worth approximately $247,000. Finally, Deutsche Bank AG bought a new position in shares of Flowco in the 1st quarter worth $292,000.

Flowco Price Performance

Flowco stock opened at $17.45 on Tuesday. The firm has a 50 day moving average price of $19.01. Flowco has a 1 year low of $15.82 and a 1 year high of $30.50. The firm has a market capitalization of $1.58 billion and a P/E ratio of 9.48.

Flowco (NYSE:FLOC) last released its quarterly earnings results on Tuesday, May 13th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.10. The business had revenue of $192.35 million for the quarter, compared to the consensus estimate of $198.35 million. As a group, equities research analysts predict that Flowco will post 1.54 EPS for the current fiscal year.

Flowco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 14th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.83%. Flowco’s payout ratio is presently 17.39%.

Flowco announced that its board has approved a share repurchase program on Thursday, June 12th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

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.