Flowco (NYSE:FLOC) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Flowco (NYSE:FLOC) from a buy rating to a hold rating in a research note published on Sunday morning,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings upgraded shares of Flowco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Citigroup dropped their target price on shares of Flowco from $30.81 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, September 3rd. Piper Sandler cut their target price on shares of Flowco from $32.00 to $31.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. Finally, Zacks Research upgraded shares of Flowco from a “strong sell” rating to a “hold” rating in a report on Monday, October 12th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.40.

Flowco Price Performance

Shares of FLOC opened at $19.94 on Friday. The business’s 50 day moving average is $20.06 and its 200 day moving average is $21.82. Flowco has a 12-month low of $15.17 and a 12-month high of $28.26.

Flowco (NYSE:FLOC) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.09). The company had revenue of $235.86 million during the quarter. As a group, sell-side analysts anticipate that Flowco will post 1.29 earnings per share for the current fiscal year.

Flowco Announces Dividend

The company also recently announced a special dividend, which was paid on Monday, August 31st. Stockholders of record on Friday, August 21st were given a dividend of $0.14 per share. The ex-dividend date was Friday, August 21st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue increased its position in Flowco by 20.3% in the third quarter. State of Alaska Department of Revenue now owns 9,228 shares of the company’s stock worth $166,000 after purchasing an additional 1,557 shares during the last quarter. Corient Private Wealth LP bought a new position in Flowco during the second quarter valued at $898,000. Bank of America Corp DE grew its stake in shares of Flowco by 327.4% in the 1st quarter. Bank of America Corp DE now owns 472,195 shares of the company’s stock worth $9,727,000 after buying an additional 361,721 shares in the last quarter. Lazard Asset Management LLC grew its stake in shares of Flowco by 24.4% in the 1st quarter. Lazard Asset Management LLC now owns 128,118 shares of the company’s stock worth $2,639,000 after buying an additional 25,144 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its holdings in shares of Flowco by 1.8% in the 1st quarter. Rice Hall James & Associates LLC now owns 165,802 shares of the company’s stock worth $3,416,000 after buying an additional 3,009 shares during the last quarter.

About Flowco

Flowco Holdings Inc is an energy services company that provides production optimization and emissions-reduction solutions to oil and gas producers. Its services are designed to help customers improve well performance, maintain production and manage emissions throughout the life of a well.

The company’s offerings include artificial-lift systems and related equipment, production-monitoring and optimization technologies, and solutions for managing methane and other emissions. Flowco supports producers with a combination of engineered products, field services and ongoing technical assistance.

Flowco primarily serves the U.S.