Flowco (NYSE:FLOC) Trading Up 11.9% After Strong Earnings

Shares of Flowco Holdings Inc. (NYSE:FLOC) rose 11.9% on Wednesday following a stronger than expected earnings report. The company traded as high as $17.86 and last traded at $18.0050. Approximately 106,149 shares changed hands during trading, a decline of 75% from the average daily volume of 419,439 shares. The stock had previously closed at $16.09.

The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.27.

Flowco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Friday, November 14th will be issued a $0.08 dividend. The ex-dividend date is Friday, November 14th. This represents a $0.32 dividend on an annualized basis and a yield of 1.8%. Flowco’s dividend payout ratio (DPR) is presently 6.97%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FLOC shares. Zacks Research cut Flowco from a “hold” rating to a “strong sell” rating in a report on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Flowco in a research note on Tuesday, October 14th. Evercore ISI reduced their price objective on Flowco from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. Piper Sandler reduced their price objective on Flowco from $33.00 to $28.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 6th. Finally, Jefferies Financial Group set a $28.00 price objective on Flowco and gave the stock a “buy” rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.40.

Institutional Trading of Flowco

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its position in shares of Flowco by 95.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,643 shares of the company’s stock worth $47,000 after acquiring an additional 1,292 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its position in shares of Flowco by 38.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,785 shares of the company’s stock worth $85,000 after acquiring an additional 1,317 shares during the last quarter. CWM LLC increased its position in shares of Flowco by 183.6% during the third quarter. CWM LLC now owns 3,667 shares of the company’s stock worth $54,000 after acquiring an additional 2,374 shares during the last quarter. Strs Ohio bought a new stake in Flowco in the first quarter valued at about $92,000. Finally, Rhumbline Advisers increased its holdings in Flowco by 17.0% in the second quarter. Rhumbline Advisers now owns 29,473 shares of the company’s stock valued at $525,000 after buying an additional 4,276 shares during the last quarter.

Flowco Stock Performance

The company has a debt-to-equity ratio of 1.19, a current ratio of 3.25 and a quick ratio of 1.57. The stock has a market capitalization of $1.63 billion and a P/E ratio of 3.92. The company has a fifty day moving average of $15.62 and a two-hundred day moving average of $17.32.

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.