Flowco (NYSE:FLOC) Coverage Initiated at Citigroup

Equities researchers at Citigroup initiated coverage on shares of Flowco (NYSE:FLOC) in a research report issued on Thursday. The firm set a “neutral” rating and a $31.00 price target on the stock. Citigroup’s price objective points to a potential upside of 21.09% from the company’s previous close.

A number of other brokerages have also recently issued reports on FLOC. BMO Capital Markets upped their target price on shares of Flowco from $24.00 to $26.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $33.00 target price on shares of Flowco in a report on Thursday, May 7th. Wall Street Zen cut shares of Flowco from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings cut shares of Flowco from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, May 15th. Finally, Zacks Research cut shares of Flowco from a “strong-buy” rating to a “hold” rating in a report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.40.

Flowco Stock Performance

Shares of NYSE FLOC opened at $25.60 on Thursday. The stock has a 50 day moving average price of $23.87 and a 200 day moving average price of $21.23. Flowco has a 52 week low of $14.03 and a 52 week high of $28.26. 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 stock has a market capitalization of $2.31 billion, a PE ratio of 21.88 and a beta of 0.96.

Insiders Place Their Bets

In related news, Director Jonathan B. Fairbanks sold 7,800,000 shares of Flowco stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $21.18, for a total transaction of $165,204,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 69.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Flowco

Several hedge funds have recently added to or reduced their stakes in FLOC. JPMorgan Chase & Co. lifted its holdings in Flowco by 57.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,290,164 shares of the company’s stock worth $48,859,000 after purchasing an additional 1,206,020 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Flowco during the fourth quarter worth approximately $12,753,000. Emerald Advisers LLC bought a new position in shares of Flowco in the 1st quarter valued at $7,971,000. Bank of America Corp DE increased its stake in shares of Flowco by 327.4% in the 1st 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. Finally, First Eagle Investment Management LLC bought a new position in shares of Flowco in the 4th quarter valued at $6,452,000.

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.