Shares of Archrock, Inc. (NYSE:AROC – Get Free Report) passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $30.95 and traded as high as $31.79. Archrock shares last traded at $31.75, with a volume of 1,929,487 shares.
Analyst Ratings Changes
A number of research firms have recently weighed in on AROC. Evercore set a $40.00 price target on shares of Archrock in a research note on Monday, August 17th. Weiss Ratings downgraded shares of Archrock from a “buy (a-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Zacks Research cut shares of Archrock from a “hold” rating to a “strong sell” rating in a research note on Monday, August 31st. Royal Bank Of Canada boosted their target price on shares of Archrock from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Monday, August 17th. Finally, Wells Fargo & Company lowered their price target on shares of Archrock from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.12.
Get Our Latest Analysis on Archrock
Archrock Trading Up 5.9%
The company has a 50-day moving average of $30.95 and a 200-day moving average of $33.94.
Archrock (NYSE:AROC – Get Free Report) last announced its earnings results on Wednesday, August 5th. The energy company reported $0.38 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.07). The business had revenue of $371.24 million during the quarter, compared to analysts’ expectations of $393.19 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts anticipate that Archrock, Inc. will post 1.72 earnings per share for the current year.
Archrock Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Tuesday, November 3rd will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Tuesday, November 3rd.
Hedge Funds Weigh In On Archrock
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE acquired a new position in shares of Archrock during the second quarter worth approximately $262,070,000. BlackRock Inc. acquired a new stake in Archrock in the 2nd quarter valued at $1,217,511,000. Congress Asset Management Co. grew its position in Archrock by 14.4% in the 3rd quarter. Congress Asset Management Co. now owns 2,532,464 shares of the energy company’s stock valued at $76,708,000 after purchasing an additional 319,256 shares during the period. Algert Global LLC grew its position in Archrock by 85.8% in the 2nd quarter. Algert Global LLC now owns 225,040 shares of the energy company’s stock valued at $9,161,000 after purchasing an additional 103,890 shares during the period. Finally, Legal & General Group Plc acquired a new stake in Archrock in the 2nd quarter valued at $17,993,000. 95.45% of the stock is owned by institutional investors and hedge funds.
About Archrock
Archrock, Inc (NYSE: AROC) is a Houston-based energy infrastructure company that provides natural gas compression services in the United States. Compression is used to increase the pressure of natural gas so it can move efficiently through gathering systems, processing facilities, transmission pipelines and other midstream infrastructure.
The company operates a fleet of natural gas compressors and primarily serves customers through contract compression arrangements. Its services support a range of applications, including natural gas gathering, processing, transmission, storage and production.
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