Renaissance Technologies LLC Raises Stock Holdings in Flowco Holdings Inc. $FLOC

Renaissance Technologies LLC increased its stake in shares of Flowco Holdings Inc. (NYSE:FLOC) by 237.6% in the first quarter, HoldingsChannel reports. The firm owned 396,000 shares of the company’s stock after buying an additional 278,700 shares during the quarter. Renaissance Technologies LLC’s holdings in Flowco were worth $8,158,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLOC. Parallel Advisors LLC boosted its stake in shares of Flowco by 8,929.4% during the 4th quarter. Parallel Advisors LLC now owns 1,535 shares of the company’s stock worth $29,000 after purchasing an additional 1,518 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Flowco during the fourth quarter valued at approximately $29,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Flowco during the fourth quarter valued at approximately $29,000. Tower Research Capital LLC TRC boosted its position in Flowco by 95.6% during the second quarter. Tower Research Capital LLC TRC now owns 2,643 shares of the company’s stock worth $47,000 after acquiring an additional 1,292 shares during the last quarter. Finally, US Bancorp DE purchased a new stake in Flowco in the 3rd quarter worth approximately $61,000.

Flowco Trading Down 1.2%

Shares of FLOC opened at $20.20 on Tuesday. Flowco Holdings Inc. has a twelve month low of $14.03 and a twelve month high of $28.26. The firm has a market capitalization of $1.83 billion, a P/E ratio of 17.27 and a beta of 0.89. The company has a current ratio of 3.09, a quick ratio of 1.48 and a debt-to-equity ratio of 1.00. The stock’s fifty day simple moving average is $21.71 and its 200 day simple moving average is $22.49.

Flowco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Friday, August 14th 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, August 14th. Flowco’s dividend payout ratio (DPR) is 30.77%.

Analyst Ratings Changes

A number of brokerages have weighed in on FLOC. Weiss Ratings raised Flowco from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 29th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Flowco in a research report on Thursday, May 7th. Wall Street Zen lowered Flowco from a “buy” rating to a “hold” rating in a research note on Saturday. Zacks Research downgraded Flowco from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 4th. Finally, Piper Sandler lowered their price target on Flowco from $32.00 to $31.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.20.

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.