Flowco (NYSE:FLOC) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of Flowco (NYSE:FLOC) from a strong-buy rating to a buy rating in a research note released on Saturday.

Several other equities analysts have also issued reports on FLOC. Weiss Ratings restated a “sell (d-)” rating on shares of Flowco in a research report on Friday, January 9th. BMO Capital Markets raised their price target on Flowco from $24.00 to $26.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Piper Sandler raised their price target on Flowco from $28.00 to $32.00 and gave the stock an “overweight” rating in a research report on Friday, March 6th. Zacks Research upgraded Flowco from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 1st. Finally, Jefferies Financial Group restated a “buy” rating and set a $30.00 price target on shares of Flowco in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Flowco presently has an average rating of “Buy” and a consensus target price of $28.25.

Flowco Price Performance

FLOC opened at $25.32 on Friday. The stock’s 50 day simple moving average is $22.69 and its 200 day simple moving average is $19.92. The company has a debt-to-equity ratio of 0.78, a current ratio of 3.34 and a quick ratio of 1.42. Flowco has a 1 year low of $14.03 and a 1 year high of $25.41. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 21.45 and a beta of 0.96.

Flowco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 27th. Stockholders of record on Friday, May 15th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, May 15th. This is a boost from Flowco’s previous quarterly dividend of $0.08. Flowco’s dividend payout ratio (DPR) is 27.12%.

Insider Buying and Selling

In other news, Director Jonathan B. Fairbanks sold 7,800,000 shares of the firm’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $21.18, for a total value of $165,204,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chad Roberts sold 54,706 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were 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 owned 67,008 shares of the company’s stock, valued at approximately $1,500,309.12. The trade was a 44.95% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 9,033,006 shares of company stock valued at $191,387,502. 69.76% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FLOC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Flowco in the 1st quarter valued at approximately $298,000. Goldman Sachs Group Inc. purchased a new position in Flowco during the first quarter valued at $878,000. Woodline Partners LP purchased a new position in Flowco during the first quarter valued at $1,282,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new position in Flowco during the first quarter valued at $3,070,000. Finally, Strs Ohio purchased a new position in Flowco during the first quarter valued at $92,000.

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.