Flowco (NYSE:FLOC) Shares Gap Up After Dividend Announcement

Flowco Holdings Inc. (NYSE:FLOC)’s stock price gapped up prior to trading on Monday after the company announced a dividend. The stock had previously closed at $20.01, but opened at $21.12. Flowco shares last traded at $19.9450, with a volume of 52,500 shares traded.

The newly announced dividend which will be paid on Tuesday, November 24th. Stockholders of record on Friday, November 13th will be issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, November 13th. Flowco’s payout ratio is 29.03%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on FLOC shares. Wall Street Zen lowered Flowco from a “buy” rating to a “hold” rating in a report on Sunday, October 25th. Citigroup decreased their price objective on Flowco from $30.81 to $27.00 and set a “neutral” rating for the company in a report on Thursday, September 3rd. Weiss Ratings raised Flowco from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, August 17th. Piper Sandler cut their target price on Flowco from $32.00 to $31.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Finally, Zacks Research upgraded Flowco from a “strong sell” rating to a “hold” rating in a research note on Monday, October 12th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Flowco presently has a consensus rating of “Moderate Buy” and an average price target of $28.40.

Flowco Stock Performance

The company has a quick ratio of 1.33, a current ratio of 2.67 and a debt-to-equity ratio of 0.84. The stock has a 50 day simple moving average of $19.90 and a two-hundred day simple moving average of $21.83. The stock has a market capitalization of $1.82 billion, a P/E ratio of 16.12 and a beta of 0.92.

Flowco (NYSE:FLOC) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.09). Flowco had a return on equity of 35.21% and a net margin of 6.07%. The company had revenue of $235.86 million for the quarter. On average, equities analysts forecast that Flowco Holdings Inc. will post 1.29 EPS for the current fiscal year.

Institutional Trading of Flowco

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its holdings in shares of Flowco by 20.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 9,228 shares of the company’s stock valued at $166,000 after purchasing an additional 1,557 shares during the period. Corient Private Wealth LP bought a new stake in Flowco in the 2nd quarter valued at $898,000. Bank of America Corp DE increased its holdings in shares of Flowco by 327.4% in the first quarter. Bank of America Corp DE now owns 472,195 shares of the company’s stock valued at $9,727,000 after purchasing an additional 361,721 shares during the last quarter. Lazard Asset Management LLC lifted its stake in shares of Flowco by 24.4% during 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 last quarter. Finally, Rice Hall James & Associates LLC boosted its holdings in shares of Flowco by 1.8% during the 1st quarter. Rice Hall James & Associates LLC now owns 165,802 shares of the company’s stock worth $3,416,000 after buying an additional 3,009 shares during the period.

About Flowco

Flowco Holdings Inc is an energy services company that provides production optimization and emissions-reduction solutions to oil and gas producers. Its services are designed to help customers improve well performance, maintain production and manage emissions throughout the life of a well.

The company’s offerings include artificial-lift systems and related equipment, production-monitoring and optimization technologies, and solutions for managing methane and other emissions. Flowco supports producers with a combination of engineered products, field services and ongoing technical assistance.

Flowco primarily serves the U.S.