Stock Repurchase Program Announced by Flowco (NYSE:FLOC) Board

Flowco (NYSE:FLOC) announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 12th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FLOC shares. Evercore ISI lowered their price target on Flowco from $35.00 to $32.00 and set an “outperform” rating for the company in a report on Wednesday, May 14th. Piper Sandler reissued an “overweight” rating and issued a $33.00 price objective (down from $34.00) on shares of Flowco in a research report on Wednesday, May 14th. Fearnley Fonds raised shares of Flowco to a “strong-buy” rating in a research report on Friday, March 21st. Finally, Jefferies Financial Group set a $32.00 price objective on shares of Flowco and gave the company a “buy” rating in a research report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Flowco presently has an average rating of “Buy” and an average price target of $32.40.

Flowco Trading Up 4.6%

NYSE:FLOC opened at $18.49 on Friday. Flowco has a 1-year low of $15.82 and a 1-year high of $30.50. The firm has a 50-day moving average price of $19.15. The stock has a market cap of $1.67 billion and a PE ratio of 10.05.

Flowco (NYSE:FLOC) last issued its quarterly earnings results on Tuesday, May 13th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.36 by $0.10. The company had revenue of $192.35 million for the quarter, compared to the consensus estimate of $198.35 million. On average, analysts predict that Flowco will post 1.54 earnings per share for the current year.

Flowco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 28th. Stockholders of record on Wednesday, May 14th were given a dividend of $0.08 per share. The ex-dividend date was Wednesday, May 14th. This represents a $0.32 annualized dividend and a dividend yield of 1.73%. Flowco’s payout ratio is 17.39%.

Insider Transactions at Flowco

In other Flowco news, Director Paul W. Hobby bought 8,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were purchased at an average price of $24.18 per share, with a total value of $193,440.00. Following the completion of the acquisition, the director now directly owns 23,625 shares of the company’s stock, valued at approximately $571,252.50. The trade was a 51.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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.