Short Interest in Flowco Holdings Inc. (NYSE:FLOC) Drops By 23.4%
by Mitch Edgeman · The Markets DailyFlowco Holdings Inc. (NYSE:FLOC – Get Free Report) was the target of a significant decrease in short interest in the month of January. As of January 30th, there was short interest totaling 506,274 shares, a decrease of 23.4% from the January 15th total of 661,201 shares. Based on an average daily volume of 224,445 shares, the days-to-cover ratio is presently 2.3 days. Approximately 0.6% of the shares of the stock are sold short. Approximately 0.6% of the shares of the stock are sold short. Based on an average daily volume of 224,445 shares, the days-to-cover ratio is presently 2.3 days.
Flowco Trading Up 0.5%
Shares of NYSE:FLOC traded up $0.10 during mid-day trading on Friday, reaching $21.87. 223,690 shares of the company’s stock were exchanged, compared to its average volume of 290,936. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.33 and a current ratio of 2.90. Flowco has a twelve month low of $14.03 and a twelve month high of $27.65. The firm has a market capitalization of $1.96 billion and a price-to-earnings ratio of 7.29. The business’s fifty day moving average price is $19.74 and its 200-day moving average price is $17.38.
Flowco Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 25th. Shareholders of record on Friday, February 13th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, February 13th. Flowco’s payout ratio is 10.67%.
Insider Transactions at Flowco
In other news, EVP Chad Roberts sold 54,706 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $22.39, for a total value of $1,224,867.34. Following the completion of the transaction, the executive vice president directly owned 67,008 shares in the company, valued at approximately $1,500,309.12. The trade was a 44.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 163,500 shares of company stock worth $3,419,009 in the last 90 days.
Hedge Funds Weigh In On Flowco
A number of hedge funds and other institutional investors have recently made changes to their positions in FLOC. Parallel Advisors LLC increased its position in Flowco by 8,929.4% during the 4th quarter. Parallel Advisors LLC now owns 1,535 shares of the company’s stock valued at $29,000 after purchasing an additional 1,518 shares during the period. Zions Bancorporation National Association UT bought a new stake in shares of Flowco in the 4th quarter valued at $29,000. Tower Research Capital LLC TRC increased its position in shares of 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 buying an additional 1,292 shares during the period. CWM LLC raised its stake in Flowco by 183.6% during the third quarter. CWM LLC now owns 3,667 shares of the company’s stock worth $54,000 after buying an additional 2,374 shares during the last quarter. Finally, US Bancorp DE acquired a new position in Flowco in the third quarter valued at $61,000.
Analyst Ratings Changes
Several equities research analysts recently issued reports on FLOC shares. Zacks Research raised shares of Flowco from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Flowco in a research note on Friday, January 9th. Evercore reiterated an “outperform” rating and issued a $25.00 price target on shares of Flowco in a research note on Thursday, November 6th. Jefferies Financial Group reissued a “buy” rating and set a $30.00 price objective on shares of Flowco in a report on Monday, February 2nd. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Flowco in a report on Tuesday, December 9th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $27.25.
Check Out Our Latest Stock Analysis on FLOC
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.