Zacks Investment Research upgraded shares of Archrock (NYSE:AROC) from a hold rating to a strong-buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $13.00 price target on the energy company’s stock.
According to Zacks, “Archrock, Inc. is a provider of natural gas contract compression services as well as supplier of aftermarket services of compression equipment. The company operates in the oil and gas producing regions primarily in the United States. Archrock, Inc., formerly known as Exterran Holdings, Inc., is based in Houston, United States. “
Several other research firms have also recently weighed in on AROC. B. Riley set a $15.00 price objective on Archrock and gave the company a buy rating in a research report on Friday, July 13th. Piper Jaffray Companies reaffirmed a buy rating and set a $14.75 price objective on shares of Archrock in a research report on Tuesday, August 7th. TheStreet raised Archrock from a d+ rating to a c- rating in a research report on Wednesday, August 1st. Royal Bank of Canada reaffirmed a buy rating and set a $16.00 price objective on shares of Archrock in a research report on Friday, August 3rd. Finally, ValuEngine cut Archrock from a hold rating to a sell rating in a research report on Friday, September 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Archrock has a consensus rating of Buy and an average target price of $14.33.
Archrock (NYSE:AROC) last posted its earnings results on Wednesday, October 31st. The energy company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.02. The company had revenue of $232.37 million for the quarter, compared to analysts’ expectations of $226.19 million. Archrock had a return on equity of 2.49% and a net margin of 6.32%. Archrock’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the firm earned ($0.09) earnings per share. As a group, analysts anticipate that Archrock will post 0.34 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th will be given a dividend of $0.132 per share. The ex-dividend date is Tuesday, November 6th. This represents a $0.53 annualized dividend and a yield of 4.89%. Archrock’s payout ratio is -265.00%.
In other news, CFO Doug S. Aron acquired 10,000 shares of the business’s stock in a transaction on Friday, August 17th. The shares were acquired at an average cost of $11.92 per share, with a total value of $119,200.00. Following the transaction, the chief financial officer now owns 49,215 shares in the company, valued at approximately $586,642.80. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.54% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Archrock by 82.9% in the 2nd quarter. BlackRock Inc. now owns 18,435,133 shares of the energy company’s stock worth $221,221,000 after purchasing an additional 8,355,098 shares in the last quarter. OppenheimerFunds Inc. raised its holdings in Archrock by 12,522.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 11,487,159 shares of the energy company’s stock worth $137,846,000 after acquiring an additional 11,396,153 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Archrock by 13.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,816,641 shares of the energy company’s stock worth $81,800,000 after acquiring an additional 827,987 shares during the last quarter. Bank of America Corp DE raised its holdings in Archrock by 41.5% in the 2nd quarter. Bank of America Corp DE now owns 3,384,646 shares of the energy company’s stock worth $40,616,000 after acquiring an additional 992,743 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Archrock by 47.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,143,419 shares of the energy company’s stock worth $25,720,000 after acquiring an additional 687,149 shares during the last quarter. 89.14% of the stock is currently owned by hedge funds and other institutional investors.
Archrock, Inc engages in the natural gas contract operations services business in the United States. The company provides natural gas compression services to customers in the oil and natural gas industry. It also offers aftermarket services, such as parts and components; and operation, maintenance, overhaul, and reconfiguration services to customers who own compression equipment.
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