Piper Sandler Reiterates Overweight Rating on Flowco Holdings (FLOC)

Piper Sandler analyst Derek Podhaizer reiterated an Overweight rating and $28.00 price target on Flowco Holdings (NYSE: FLOC).

The analyst commented: "Aspiring to Become the Production Optimization Specialist; We hosted Flowco for investor meetings with CEO Joe Bob Edwards, CFO Jon Byers, and IR Andrew Leonpacher. It was an encouraging two-days as investors look to reengage with the FLOC story after the company has taken its licks since its IPO debut earlier this year when it reached $30/sh before getting cut in half as its initial targets were revised lower driven by the weakening macro. However, after last earnings, it feels the company has found its reset (link), giving investors more confidence around a potential entry point, which has already translated into outperformance over the past month (+8% vs. +6% OIH). Our conversations with investors ranged across post-IPO performance, the HPGL/VRU outlook, including a healthy pricing and utilization environment (>90%), potential forms of M&A (ESP, rod lift, natural gas value chain), and its evolution into the production optimization specialist as it nears year two as a public company."

For an analyst ratings summary and ratings history on Flowco Holdings click here. For more ratings news on Flowco Holdings click here.

Shares of Flowco Holdings closed at $17.84 yesterday.

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