Flowco (NYSE:FLOC) Stock Price Down 4.4% – Here’s What Happened

Flowco Holdings Inc. (NYSE:FLOC) was down 4.4% during mid-day trading on Tuesday . The stock traded as low as $24.04 and last traded at $24.51. Approximately 144,292 shares were traded during trading, a decline of 73% from the average daily volume of 527,840 shares. The stock had previously closed at $25.65.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FLOC shares. Jefferies Financial Group assumed coverage on Flowco in a research report on Monday, February 10th. They issued a “buy” rating and a $35.00 target price on the stock. BMO Capital Markets started coverage on Flowco in a report on Monday, February 10th. They issued an “outperform” rating and a $33.00 price objective on the stock. Evercore ISI initiated coverage on Flowco in a report on Monday, February 10th. They set an “outperform” rating and a $35.00 target price for the company. Pickering Energy Partners upgraded shares of Flowco to a “strong-buy” rating in a report on Monday, February 10th. Finally, Piper Sandler started coverage on shares of Flowco in a research note on Monday, February 10th. They set an “overweight” rating and a $34.00 price objective for the company. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $33.80.

Flowco Price Performance

The stock has a fifty day moving average of $26.00.

Flowco (NYSE:FLOC) last released its quarterly earnings results on Tuesday, March 18th. The company reported $2.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $1.88. The firm had revenue of $185.99 million for the quarter, compared to analyst estimates of $184.92 million. As a group, analysts forecast that Flowco Holdings Inc. will post 1.54 earnings per share for the current year.

Insider Transactions at Flowco

In related news, Director Paul W. Hobby purchased 8,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was acquired at an average price of $24.18 per share, with a total value of $193,440.00. Following the completion of the transaction, the director now owns 23,625 shares of the company’s stock, valued at $571,252.50. This represents a 51.20 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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.