Flowco Holdings Inc. (NYSE:FLOC) Sees Significant Growth in Short Interest

Flowco Holdings Inc. (NYSE:FLOC) saw a large growth in short interest in March. As of March 31st, there was short interest totaling 947,609 shares, a growth of 73.2% from the March 15th total of 547,106 shares. Based on an average daily trading volume, of 1,229,222 shares, the short-interest ratio is presently 0.8 days. Currently, 3.5% of the company’s stock are sold short.

Insider Activity

In related news, EVP Chad Roberts sold 54,706 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president directly owned 67,008 shares of the company’s stock, valued at $1,500,309.12. This represents a 44.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jonathan B. Fairbanks sold 7,800,000 shares of the business’s stock in a transaction dated 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 have sold a total of 9,073,890 shares of company stock worth $192,265,282 over the last ninety days. 69.76% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Flowco

A number of hedge funds have recently bought and sold shares of the business. Invesco Ltd. boosted its position in Flowco by 15.2% during the fourth quarter. Invesco Ltd. now owns 61,268 shares of the company’s stock worth $1,148,000 after purchasing an additional 8,074 shares in the last quarter. VARCOV Co. purchased a new position in Flowco during the fourth quarter worth approximately $199,000. Wellington Management Group LLP purchased a new position in Flowco during the fourth quarter worth approximately $12,753,000. Man Group plc boosted its position in Flowco by 26.7% during the fourth quarter. Man Group plc now owns 73,181 shares of the company’s stock worth $1,371,000 after purchasing an additional 15,443 shares in the last quarter. Finally, Encompass Capital Advisors LLC boosted its position in Flowco by 21.8% during the fourth quarter. Encompass Capital Advisors LLC now owns 1,503,216 shares of the company’s stock worth $28,170,000 after purchasing an additional 268,903 shares in the last quarter.

Flowco Stock Up 0.2%

Shares of FLOC opened at $24.00 on Wednesday. Flowco has a 52 week low of $14.03 and a 52 week high of $24.91. The company has a quick ratio of 1.42, a current ratio of 3.34 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 20.34 and a beta of 0.18. The stock’s 50-day moving average price is $22.34 and its 200-day moving average price is $19.23.

Flowco Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Friday, February 13th were paid a $0.08 dividend. The ex-dividend date was Friday, February 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.3%. Flowco’s dividend payout ratio is presently 27.12%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. BMO Capital Markets boosted their price target on Flowco from $24.00 to $26.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Zacks Research upgraded Flowco from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 1st. Piper Sandler boosted their price target on Flowco from $28.00 to $32.00 and gave the company an “overweight” rating in a research note on Friday, March 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Flowco in a research note on Friday, January 9th. Finally, Wall Street Zen upgraded Flowco from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 21st. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Flowco currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.

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. Our principal products and services are organized into two business segments: (i) Production Solutions; and (ii) Natural Gas Technologies.