Flowco (NYSE:FLOC) Shares Down 5.5% – Here’s Why

Flowco Holdings Inc. (NYSE:FLOC)’s share price was down 5.5% during trading on Monday . The company traded as low as $19.68 and last traded at $19.5950. Approximately 196,118 shares changed hands during trading, a decline of 69% from the average daily volume of 634,983 shares. The stock had previously closed at $20.74.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen downgraded Flowco from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Citigroup began coverage on shares of Flowco in a research note on Thursday, May 28th. They set a “neutral” rating and a $31.00 price target on the stock. Weiss Ratings raised shares of Flowco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 29th. Jefferies Financial Group restated a “buy” rating and set a $33.00 target price on shares of Flowco in a research report on Thursday, May 7th. Finally, Zacks Research downgraded shares of Flowco from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $29.40.

Flowco Stock Up 4.7%

The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.48 and a current ratio of 3.09. The company’s fifty day moving average price is $23.94 and its 200-day moving average price is $22.29. The stock has a market cap of $1.83 billion, a P/E ratio of 17.30 and a beta of 0.89.

Flowco Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Stockholders of record on Friday, May 15th were issued a $0.09 dividend. The ex-dividend date was Friday, May 15th. This is a positive change from Flowco’s previous quarterly dividend of $0.08. This represents a $0.36 annualized dividend and a dividend yield of 1.8%. Flowco’s dividend payout ratio (DPR) is currently 30.77%.

Hedge Funds Weigh In On Flowco

A number of large investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in shares of Flowco by 327.4% during the first quarter. Bank of America Corp DE now owns 472,195 shares of the company’s stock worth $9,727,000 after purchasing an additional 361,721 shares during the last quarter. Lazard Asset Management LLC increased its stake in 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 during the period. Rice Hall James & Associates LLC lifted its holdings in Flowco by 1.8% during the 1st quarter. Rice Hall James & Associates LLC now owns 165,802 shares of the company’s stock valued at $3,416,000 after buying an additional 3,009 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Flowco by 237.6% during the 1st quarter. Renaissance Technologies LLC now owns 396,000 shares of the company’s stock valued at $8,158,000 after buying an additional 278,700 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Flowco in the 1st quarter valued at about $369,000.

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.