Flowco (NYSE:FLOC) Raised to Strong-Buy at Zacks Research
by Danessa Lincoln · The Markets DailyFlowco (NYSE:FLOC – Get Free Report) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.
Several other research analysts have also weighed in on FLOC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Flowco in a research note on Friday, January 9th. BMO Capital Markets upped their price objective on shares of Flowco from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Piper Sandler lifted their price objective on Flowco from $28.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, March 6th. Wall Street Zen upgraded Flowco from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 21st. Finally, Jefferies Financial Group restated a “buy” rating and set a $30.00 target price on shares of Flowco in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.25.
View Our Latest Stock Analysis on Flowco
Flowco Stock Performance
NYSE FLOC opened at $20.56 on Wednesday. The stock has a fifty day simple moving average of $22.16 and a 200-day simple moving average of $18.85. The company has a current ratio of 3.34, a quick ratio of 1.42 and a debt-to-equity ratio of 0.78. The stock has a market cap of $1.84 billion, a PE ratio of 17.42 and a beta of 0.18. Flowco has a twelve month low of $14.03 and a twelve month high of $24.91.
Insiders Place Their Bets
In related news, EVP Chad Roberts sold 54,706 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.39, for a total transaction of $1,224,867.34. Following the completion of the transaction, the executive vice president directly owned 67,008 shares of the company’s stock, valued at $1,500,309.12. The trade was a 44.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jonathan B. Fairbanks sold 1,170,000 shares of the stock in a transaction dated Thursday, March 26th. The shares were sold at an average price of $21.18, for a total value of $24,780,600.00. The SEC filing for this sale provides additional information. Insiders have sold 9,104,790 shares of company stock worth $192,862,737 in the last ninety days.
Institutional Trading of Flowco
A number of large investors have recently made changes to their positions in the company. Verition Fund Management LLC raised its holdings in Flowco by 4.4% in the third quarter. Verition Fund Management LLC now owns 23,997 shares of the company’s stock valued at $356,000 after acquiring an additional 1,012 shares in the last quarter. Deutsche Bank AG grew its holdings in Flowco by 9.7% during the 4th quarter. Deutsche Bank AG now owns 13,858 shares of the company’s stock worth $260,000 after acquiring an additional 1,223 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of Flowco by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,643 shares of the company’s stock valued at $47,000 after purchasing an additional 1,292 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Flowco by 8,929.4% in the 4th quarter. Parallel Advisors LLC now owns 1,535 shares of the company’s stock valued at $29,000 after purchasing an additional 1,518 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of Flowco during the 4th quarter worth $29,000.
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. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies.