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

Flowco Holdings Inc. (NYSE:FLOC) shares were up 11.9% during mid-day trading 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 traded hands during mid-day 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Friday, November 14th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 14th. Flowco’s dividend payout ratio is currently 6.97%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Flowco

A number of large investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its holdings in Flowco by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,643 shares of the company’s stock valued at $47,000 after buying an additional 1,292 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in Flowco by 38.0% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 4,785 shares of the company’s stock valued at $85,000 after buying an additional 1,317 shares during the last quarter. CWM LLC grew its holdings in Flowco by 183.6% during the 3rd quarter. CWM LLC now owns 3,667 shares of the company’s stock valued at $54,000 after buying an additional 2,374 shares during the last quarter. Strs Ohio acquired a new stake in Flowco during the 1st quarter valued at $92,000. Finally, Rhumbline Advisers grew its holdings in Flowco by 17.0% during the 2nd 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 Trading Up 11.9%

The business has a fifty day simple moving average of $15.62 and a 200 day simple moving average of $17.32. The stock has a market cap of $1.63 billion and a price-to-earnings ratio of 3.92. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.57 and a current ratio of 3.25.

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.