Evercore ISI Cuts Flowco (NYSE:FLOC) Price Target to $32.00

Flowco (NYSE:FLOC) had its price target decreased by Evercore ISI from $35.00 to $32.00 in a report released on Wednesday,Benzinga reports. Evercore ISI currently has an outperform rating on the stock.

Several other research firms have also weighed in on FLOC. Jefferies Financial Group set a $32.00 target price on shares of Flowco and gave the company a “buy” rating in a report on Wednesday. Pickering Energy Partners upgraded shares of Flowco to a “strong-buy” rating in a report on Monday, February 10th. BMO Capital Markets assumed coverage on shares of Flowco in a report on Monday, February 10th. They set an “outperform” rating and a $33.00 target price on the stock. Piper Sandler restated an “overweight” rating and set a $33.00 target price (down previously from $34.00) on shares of Flowco in a report on Wednesday. Finally, Fearnley Fonds upgraded shares of Flowco to a “strong-buy” rating in a report on Friday, March 21st. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Flowco currently has an average rating of “Buy” and an average target price of $32.40.

Flowco Price Performance

FLOC stock opened at $19.07 on Wednesday. Flowco has a one year low of $16.69 and a one year high of $30.50. The stock has a fifty day moving average price of $21.51. The firm has a market cap of $1.73 billion and a PE ratio of 10.36.

Flowco (NYSE:FLOC) last announced its earnings results on Tuesday, May 13th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The business had revenue of $192.35 million for the quarter, compared to analyst estimates of $198.35 million. Equities research analysts forecast that Flowco will post 1.54 earnings per share for the current year.

Flowco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 28th. Investors of record on Wednesday, May 14th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Wednesday, May 14th. Flowco’s dividend payout ratio is currently 17.39%.

Insider Buying and Selling

In related news, Director Paul W. Hobby purchased 8,000 shares of Flowco stock in a transaction on Wednesday, March 19th. The stock was purchased at an average cost of $24.18 per share, with a total value of $193,440.00. Following the acquisition, the director now directly owns 23,625 shares in the company, valued at approximately $571,252.50. This trade represents a 51.20% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

Hedge Funds Weigh In On Flowco

Hedge funds have recently made changes to their positions in the business. New York State Common Retirement Fund acquired a new position in shares of Flowco during the first quarter valued at $156,000. Yorktown Management & Research Co Inc acquired a new position in shares of Flowco during the first quarter valued at $218,000. Corebridge Financial Inc. acquired a new position in shares of Flowco during the first quarter valued at $247,000. Deutsche Bank AG acquired a new position in shares of Flowco during the first quarter valued at $292,000. Finally, Invesco Ltd. acquired a new position in shares of Flowco during the first quarter valued at $292,000.

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.