Oppenheimer Comments on Flowserve Co.’s Q1 2023 Earnings (NYSE:FLS)

Posted by Defense World Staff on Apr 26th, 2023

Flowserve Co. (NYSE:FLS – Get Rating) – Equities research analysts at Oppenheimer cut their Q1 2023 earnings per share (EPS) estimates for Flowserve in a report released on Sunday, April 23rd. Oppenheimer analyst B. Blair now forecasts that the industrial products company will earn $0.24 per share for the quarter, down from their prior forecast of $0.29. The consensus estimate for Flowserve’s current full-year earnings is $1.68 per share. Oppenheimer also issued estimates for Flowserve’s FY2023 earnings at $1.70 EPS and FY2024 earnings at $2.00 EPS.

Flowserve (NYSE:FLS – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.20. Flowserve had a return on equity of 8.14% and a net margin of 5.22%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm earned $0.45 earnings per share. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year.

A number of other research analysts have also recently issued reports on FLS. StockNews.com initiated coverage on Flowserve in a research note on Thursday, March 16th. They set a “buy” rating on the stock. The Goldman Sachs Group raised their target price on Flowserve from $27.00 to $30.00 and gave the stock a “sell” rating in a research note on Friday, April 14th. TheStreet raised Flowserve from a “c” rating to a “b” rating in a research note on Tuesday, February 21st. Robert W. Baird raised their target price on Flowserve from $32.00 to $42.00 and gave the stock a “neutral” rating in a research note on Monday, February 13th. Finally, Stifel Nicolaus raised their target price on Flowserve from $37.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, January 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $35.56.

Flowserve Stock Down 1.7 %

Shares of NYSE:FLS opened at $32.63 on Tuesday. The stock’s 50-day moving average price is $33.34 and its 200-day moving average price is $31.75. Flowserve has a 12-month low of $23.89 and a 12-month high of $36.89. The stock has a market capitalization of $4.28 billion, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 0.91 and a beta of 1.62. The company has a current ratio of 1.97, a quick ratio of 1.33 and a debt-to-equity ratio of 0.66.

Institutional Trading of Flowserve

Several institutional investors and hedge funds have recently bought and sold shares of FLS. Envestnet Asset Management Inc. purchased a new stake in Flowserve in the first quarter worth about $208,000. Raymond James & Associates lifted its holdings in shares of Flowserve by 70.7% during the first quarter. Raymond James & Associates now owns 113,597 shares of the industrial products company’s stock valued at $4,078,000 after purchasing an additional 47,032 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Flowserve by 15.1% during the first quarter. American Century Companies Inc. now owns 14,896 shares of the industrial products company’s stock valued at $535,000 after purchasing an additional 1,950 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Flowserve by 11.0% during the first quarter. US Bancorp DE now owns 8,139 shares of the industrial products company’s stock valued at $292,000 after purchasing an additional 807 shares during the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Flowserve by 3.2% during the first quarter. Bank of Montreal Can now owns 159,979 shares of the industrial products company’s stock valued at $5,667,000 after purchasing an additional 4,900 shares during the last quarter. 99.88% of the stock is currently owned by hedge funds and other institutional investors.

Flowserve Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 7th. Shareholders of record on Friday, March 24th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 23rd. This represents a $0.80 annualized dividend and a yield of 2.45%. Flowserve’s dividend payout ratio (DPR) is presently 55.94%.

About Flowserve

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Flowserve Corp. engages in the manufacture and provision of aftermarket service for comprehensive flow control systems. It operates through Flowserve Pumps Division and Flow Control Division segments. The Flowserve Pumps Division provides pumps, pre-configured industrial pumps, pump systems, mechanical seals, auxiliary systems and replacement parts, and related services.