Icon Advisers Inc. Co. lowered its stake in shares of Archrock, Inc. (NYSE:AROC – Free Report) by 78.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,000 shares of the energy company’s stock after selling 180,000 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Archrock were worth $1,740,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. acquired a new stake in Archrock in the fourth quarter worth about $61,144,000. Neuberger Berman Group LLC lifted its holdings in Archrock by 9,756.7% during the fourth quarter. Neuberger Berman Group LLC now owns 1,293,002 shares of the energy company’s stock worth $33,644,000 after acquiring an additional 1,279,884 shares in the last quarter. Stephens Investment Management Group LLC acquired a new position in shares of Archrock in the 4th quarter valued at approximately $32,904,000. Norges Bank bought a new stake in Archrock during the 4th quarter worth approximately $18,721,000. Finally, Balyasny Asset Management L.P. acquired a new stake in Archrock during the 2nd quarter worth approximately $16,027,000. 95.45% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have weighed in on AROC. Zacks Research lowered shares of Archrock from a “strong-buy” rating to a “hold” rating in a research note on Thursday, April 16th. Mizuho increased their target price on Archrock from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Citigroup lifted their price target on Archrock from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Stifel Nicolaus set a $41.00 price target on Archrock in a report on Thursday, May 7th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $46.00 price objective on shares of Archrock in a research report on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Archrock has a consensus rating of “Moderate Buy” and an average target price of $41.71.
Insider Activity
In related news, SVP Jason Ingersoll sold 33,000 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $38.19, for a total transaction of $1,260,270.00. Following the sale, the senior vice president owned 277,454 shares in the company, valued at approximately $10,595,968.26. This represents a 10.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Doug S. Aron sold 35,000 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $38.30, for a total value of $1,340,500.00. Following the transaction, the chief financial officer directly owned 359,337 shares of the company’s stock, valued at $13,762,607.10. This trade represents a 8.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 158,000 shares of company stock worth $5,907,370 in the last quarter. 2.90% of the stock is currently owned by corporate insiders.
Archrock Stock Up 0.0%
Archrock stock opened at $38.30 on Thursday. The company has a market cap of $6.71 billion, a P/E ratio of 20.81, a price-to-earnings-growth ratio of 1.68 and a beta of 0.84. Archrock, Inc. has a 1-year low of $21.17 and a 1-year high of $42.23. The company has a fifty day simple moving average of $37.14 and a 200 day simple moving average of $34.68. The company has a current ratio of 1.41, a quick ratio of 0.91 and a debt-to-equity ratio of 1.57.
Archrock (NYSE:AROC – Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.05). Archrock had a net margin of 21.45% and a return on equity of 22.89%. The business had revenue of $373.77 million during the quarter, compared to analyst estimates of $378.36 million. The company’s quarterly revenue was up 7.7% on a year-over-year basis. Research analysts anticipate that Archrock, Inc. will post 1.9 earnings per share for the current fiscal year.
Archrock Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, May 19th. Investors of record on Tuesday, May 12th were given a $0.22 dividend. The ex-dividend date of this dividend was Tuesday, May 12th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.3%. Archrock’s payout ratio is currently 47.83%.
About Archrock
Archrock, Inc is a Houston‐based provider of natural gas compression services and equipment to the oil and gas industry in North America. Founded in 2004, the company supplies both short‐term rentals and long‐term contracts for compression solutions, serving upstream and midstream producers. Archrock’s offerings include engineered compression systems, aftermarket parts, maintenance and field services designed to optimize wellhead and pipeline operations.
The company’s core business activities focus on the design, manufacture, rental and sale of gas compression equipment.
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