Flowco (NYSE:FLOC) Shares Gap Up – Time to Buy?

Flowco Holdings Inc. (NYSE:FLOC) gapped up before the market opened on Wednesday . The stock had previously closed at $17.72, but opened at $18.27. Flowco shares last traded at $18.21, with a volume of 52,069 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on FLOC shares. Evercore ISI reduced their price objective on shares of Flowco from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, May 14th. BMO Capital Markets started coverage on shares of Flowco in a report on Monday, February 10th. They set an “outperform” rating and a $33.00 price objective for the company. Fearnley Fonds upgraded shares of Flowco to a “strong-buy” rating in a report on Friday, March 21st. Pickering Energy Partners upgraded shares of Flowco to a “strong-buy” rating in a report on Monday, February 10th. Finally, Piper Sandler reiterated an “overweight” rating and set a $33.00 price objective (down from $34.00) on shares of Flowco in a report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $32.40.

Flowco Stock Up 0.2%

The stock has a market cap of $1.61 billion and a price-to-earnings ratio of 9.65. The business has a fifty day moving average price of $20.75.

Flowco (NYSE:FLOC) last released its quarterly earnings results on Tuesday, May 13th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate 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. Equities analysts forecast that Flowco Holdings Inc. will post 1.54 EPS for the current fiscal year.

Flowco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 28th. Shareholders of record on Wednesday, May 14th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Wednesday, May 14th. Flowco’s payout ratio is 17.39%.

Insider Buying and Selling at Flowco

In related news, Director Paul W. Hobby bought 8,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average cost of $24.18 per share, for a total transaction of $193,440.00. Following the completion of the purchase, the director now directly owns 23,625 shares in the company, valued at $571,252.50. The trade was a 51.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Institutional Trading of Flowco

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

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.