Van ECK Associates Corp purchased a new stake in Archrock, Inc. (NYSE:AROC – Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,233 shares of the energy company’s stock, valued at approximately $188,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Texas Permanent School Fund Corp boosted its holdings in Archrock by 33.4% in the first quarter. Texas Permanent School Fund Corp now owns 120,016 shares of the energy company’s stock valued at $1,173,000 after purchasing an additional 30,046 shares in the last quarter. Signaturefd LLC lifted its stake in Archrock by 31.7% in the first quarter. Signaturefd LLC now owns 4,094 shares of the energy company’s stock valued at $40,000 after buying an additional 986 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Archrock in the first quarter valued at approximately $101,000. Janney Montgomery Scott LLC lifted its stake in Archrock by 16.4% in the first quarter. Janney Montgomery Scott LLC now owns 12,816 shares of the energy company’s stock valued at $125,000 after buying an additional 1,809 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Archrock by 2.7% in the first quarter. Arizona State Retirement System now owns 40,580 shares of the energy company’s stock valued at $396,000 after buying an additional 1,058 shares during the last quarter. 91.68% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on AROC shares. 500.com reiterated a “reiterates” rating on shares of Archrock in a research note on Thursday, May 4th. TheStreet upgraded Archrock from a “c+” rating to a “b-” rating in a research note on Monday, July 31st. Raymond James upped their price target on Archrock from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Royal Bank of Canada upped their price target on Archrock from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Finally, StockNews.com cut Archrock from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.00.
Archrock Trading Up 1.3 %
NYSE:AROC opened at $12.91 on Wednesday. The stock has a fifty day moving average price of $10.56 and a two-hundred day moving average price of $10.11. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 30.02, a PEG ratio of 2.87 and a beta of 1.75. The company has a debt-to-equity ratio of 1.92, a quick ratio of 0.92 and a current ratio of 1.57. Archrock, Inc. has a 1 year low of $6.28 and a 1 year high of $13.07.
Archrock Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 8th will be given a $0.155 dividend. This is a boost from Archrock’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Monday, August 7th. This represents a $0.62 annualized dividend and a yield of 4.80%. Archrock’s dividend payout ratio is presently 144.19%.
About Archrock
Archrock, Inc, together with its subsidiaries, operates as an energy infrastructure company in the United States. It operates in two segments, Contract Operations and Aftermarket Services. The company engages in the designing, sourcing, owning, installing, operating, servicing, repairing, and maintaining its owned fleet of natural gas compression equipment to provide natural gas compression services to customers in the oil and natural gas industry.
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