Flowco Holdings Inc. $FLOC Shares Bought by JPMorgan Chase & Co.
by Scott Moore · The Cerbat GemJPMorgan Chase & Co. grew its holdings in Flowco Holdings Inc. (NYSE:FLOC – Free Report) by 57.9% during the third quarter, HoldingsChannel.com reports. The fund owned 3,290,164 shares of the company’s stock after purchasing an additional 1,206,020 shares during the quarter. JPMorgan Chase & Co.’s holdings in Flowco were worth $48,859,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its holdings in Flowco by 38.4% in the 2nd quarter. American Century Companies Inc. now owns 2,730,438 shares of the company’s stock valued at $48,629,000 after purchasing an additional 758,258 shares in the last quarter. Schroder Investment Management Group acquired a new position in shares of Flowco during the second quarter worth about $8,923,000. Encompass Capital Advisors LLC boosted its position in shares of Flowco by 84.0% in the second quarter. Encompass Capital Advisors LLC now owns 984,301 shares of the company’s stock worth $17,530,000 after buying an additional 449,498 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in shares of Flowco in the first quarter valued at about $3,070,000. Finally, Vanguard Group Inc. grew its stake in shares of Flowco by 6.9% in the third quarter. Vanguard Group Inc. now owns 1,848,250 shares of the company’s stock valued at $27,447,000 after buying an additional 118,628 shares in the last quarter.
Flowco Stock Performance
Shares of Flowco stock opened at $21.75 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.42 and a current ratio of 3.34. Flowco Holdings Inc. has a 1 year low of $14.03 and a 1 year high of $26.51. The firm’s 50-day simple moving average is $21.97 and its 200-day simple moving average is $18.51. The firm has a market cap of $1.95 billion, a PE ratio of 18.43 and a beta of -0.16.
Flowco Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 25th. Shareholders of record on Friday, February 13th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 13th. Flowco’s dividend payout ratio (DPR) is currently 27.12%.
Insider Activity 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 stock was sold at an average price of $22.39, for a total value of $1,224,867.34. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 134,790 shares of company stock valued at $2,878,137.
Analysts Set New Price Targets
FLOC has been the topic of several recent research reports. Zacks Research raised Flowco from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Flowco in a research note on Friday, January 9th. Wall Street Zen raised shares of Flowco from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Jefferies Financial Group reaffirmed a “buy” rating and set a $30.00 price target on shares of Flowco in a report on Monday, February 2nd. Finally, BMO Capital Markets lifted their price target on shares of Flowco from $24.00 to $26.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.25.
View Our Latest Stock Report on FLOC
Flowco 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.
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