Flowco (NYSE:FLOC) Upgraded to “Strong-Buy” at Zacks Research
by Danessa Lincoln · The Markets DailyZacks Research upgraded shares of Flowco (NYSE:FLOC – Free Report) from a hold rating to a strong-buy rating in a research report released on Wednesday,Zacks.com reports.
A number of other analysts have also commented on FLOC. BMO Capital Markets lifted their price target on Flowco from $24.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Piper Sandler upped 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. Jefferies Financial Group reiterated a “buy” rating and set a $30.00 target price on shares of Flowco in a research note on Monday, February 2nd. Wall Street Zen raised shares of Flowco from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Flowco in a research report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $28.25.
Read Our Latest Research Report on FLOC
Flowco Price Performance
Flowco stock opened at $20.56 on Wednesday. Flowco has a 52 week low of $14.03 and a 52 week high of $24.91. The company’s 50 day moving average price is $22.16 and its two-hundred day moving average price is $18.85. The stock has a market cap of $1.84 billion, a P/E ratio of 17.42 and a beta of 0.18. The company has a quick ratio of 1.42, a current ratio of 3.34 and a debt-to-equity ratio of 0.78.
Flowco Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were issued a $0.08 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $0.32 annualized dividend and a yield of 1.6%. Flowco’s dividend payout ratio (DPR) is 27.12%.
Insider Buying and Selling
In other news, EVP Chad Roberts sold 54,706 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $22.39, for a total value 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. This trade represents a 44.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jonathan B. Fairbanks sold 7,800,000 shares of Flowco stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $21.18, for a total value of $165,204,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,104,790 shares of company stock valued at $192,862,737 over the last quarter.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. increased its position in shares of Flowco by 15.2% during the fourth quarter. Invesco Ltd. now owns 61,268 shares of the company’s stock valued at $1,148,000 after buying an additional 8,074 shares during the period. VARCOV Co. bought a new position in shares of Flowco in the fourth quarter valued at approximately $199,000. Wellington Management Group LLP purchased a new position in Flowco during the fourth quarter valued at approximately $12,753,000. Man Group plc grew its stake in Flowco by 26.7% during the fourth quarter. Man Group plc now owns 73,181 shares of the company’s stock valued at $1,371,000 after acquiring an additional 15,443 shares in the last quarter. Finally, Encompass Capital Advisors LLC increased its holdings in Flowco by 21.8% during the 4th quarter. Encompass Capital Advisors LLC now owns 1,503,216 shares of the company’s stock worth $28,170,000 after acquiring an additional 268,903 shares during the period.
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.